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Cost Theory and Analysis

Cost Theory and Analysis

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Published by Siddharth

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Published by: Siddharth on Aug 01, 2009
Copyright:Attribution Non-commercial

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08/14/2013

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COST THEORY ANDANALYSIS
 
 
NATURE OF COSTS
Actual cost:
cost incurred in production
Opportunity cost:
 return from the second best use of firm’s resources which the firm foregoes in order toavail the return
Explicit / Accounting Costs :
Actual money spent inpurchasing or hiring services of factor 
Implicit / Imputed cost:
Cost of self-owned and self-employed resources
 
 
Fixed costs:
Costs which do not change with changein O/P
Variable or Prime costs:
Costs which change withchange in level of O/P
Accounting costs:
Cost as stated in books of accounts (explicit cost only)
Economic Costs:
includes both explicit & implicit cost
NATURE OF COSTS

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