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In garden peas, the allele for tall plants is dominant over the allele for short plants. Imagine that a true-breeding tall plant is crossed with a short plant. Then one of their offspring is test crossed. Out of 20 offspring resulting from the test cross, about how many should be tall?
Implicit Cost
A cost that does not require the outlay of money; it is measured by the value, in dollar terms, of forgone benefits.
Explicit Cost
A cost that requires an outlay of money.
Economic Profit
Revenue minus the opportunity cost of resources used; usually less than the accounting profit.
Accounting Profit
Revenue minus explicit cost.
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