Cost Analysis, Key Terms of Costs, Assignment Help, Homework Help
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Cost Analysis
The key terms involved in the concept of Cost Analysis are:
Accounting cost –
The cost of production of a firm.
Economic cost –
Total of implicit cost, explicit cost and normal profits.
Opportunity cost –
As the resources are limited, so the production of one commodity can only be at the cost of other. The commodity that is sacrificed is the opportunity cost of the commodity manufactured.
Explicit cost –
It includes money payments made to the outsiders who supply raw materials etc.
Implicit cost –
The cost of self possessed resources.
Fixed cost – Fixed cost includes all the expenses made on the fixed factors of production. Moreover, the fixed costs do not change with output instead they remain constant. Some of the examples of fixed cost are insurance premium, interest, rent and salaries of permanent recruits.
Variable cost –
In simple words, it can described as the cost which varies with output like wages of workers employed on daily basis and expenses incurred on power, fuel and raw material.
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