Answers
There is basically two types of cost, implicit cost, and explicit cost.
Implicit cost is the opportunity cost or the foregone value of an alternative.
Explicit cost is the actual cost or the direct payment in the process of production. The cost of equipment, helper and gasoline is an explicit cost. Depreciation is also an explicit cost.
So here implicit cost is the sum of earning foregone as a lifeguard and foregone interest rate.
Implicit cost = $5000 + 1% of $6,000 = $5060.
.Implicit cost is the cost incurred on the part of the owner for forgoing the next best alternatives. or the cost of self-employed resources and self-owned resources.
Here, Charles has forgone the interest on his capital, that he could have otherwise earned, and his income of lifeguard job given up to open a lawn mowing company.
Therefore, the implicit cost = 5000 +6% of 6000 = 5000+60 = 5060
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