How would you go about determining the amount of the costs, particularly for the implicit costs?

– Pick and large firm like Walmart or Target and pick a single product from there for this assignment
-This should be an application paper primarily, rather than a research paper.
Writing and Submission Requirements
2.5 to 3 pages in length, not including title page or reference page APA Format
Introduction
Determining the appropriate costs to use in a marginal analysis is often difficult; it may be easy to overlook certain costs, particularly those that are implicit costs or hidden costs. Additionally, some costs may be included that should not be, particularly sunk costs. Often sunk costs are even the central focus of a decision-maker when they should not even be considered (“We’ve spent so much on the development of this already, we have to get *something* out of it!”). But, to paraphrase a recent speaker (who was the CEO of a local company) on the Tiffin University campus, knowing when to discontinue the development or production of a good or service is a critical, but difficult, skill.
In this paper, you will practice your cost identification skills.
Activity Instructions
For this paper, choose a small local firm (that is, not a chain or branch of a larger firm) or a single product from a larger firm. Consider the establishment of that firm or product and identify and describe the costs associated with the firm or product.
In the descriiption of the costs, mention whether they are implicit or explicit costs and whether they are potentially ‘hidden costs’ or sunk costs.
How would you go about determining the amount of the costs, particularly for the implicit costs?
You may need to make several assumptions throughout the paper. Be sure to state those assumptions. Alternatively, analyze the different cases–for instance if capital has to be raised, that could be through a bank loan, from personal finances, or from finding business partners. Each one of these would have different costs that you could discuss (note that the money itself–the items it is used to purchase are costs and counting the money would result in a double count of money. But the interest paid or forgone would be a cost. And there would be other costs for bringing in business partners…what would be given up in that case?)
Writing and Submission Requirements
2.5 to 3 pages in length, not including title page or reference page

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