Economics cost refers to the Gains and losses that have occurred in the accounting year or period. Completing an Economics cost curves assignment is a difficult task as it requires analytical skills. You might get stuck while making graphs and analyzing data associated with your economic cost assignment and this will eat up most of your time. The best way to get rid of this situation is to take Economics cost curves assignment help from Sample Assignment. Along with the rising number of students pursuing economic courses, the demand of Economics Cost Curves Assignment service is also increasing.
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There are various types of costs that are incorporated under economics. The cost that is incurred in carrying on operations and running business activities is the expenditure made to produce a certain quantity of commodities or services.
Fixed costs are the cause that remains constant despite the change in the level of output produced by the company. Examples of such costs are legal bills, factory machinery, etc. the value of machinery or assets used by the organization may degrade because of the depreciation cash to it but the fixed cause that isnt covered by using that machinery for the process of producing output will remain constant.
The variable costs are those for which vary due to the difference in output produced by the organization. Suppose 1000 packets of chocolates are produced in a Day from the past 6 months. After six months there is a sudden change in the quantity that is to be produced to which Hikes to 2500. The variable cost to produce 1500 more units of chocolate will be added in variable cost. Increasing the level of production does not affect the fixed cost incurred by the organization.
Total cost is calculated by adding up fixed and variable costs incurred by the organization to the production of goods and services. The total cost is calculated so that the price range can be set after adding a profit margin to it.
Semi-variable cost is the cost that is incurred on the labor or worker that is employed to assist production activities.
The cost which is incurred by the organization to produce one additional unit of a commodity or good is known as marginal cost.
Opportunity cost evaluates the best alternative which can be chosen for earning more profit. Opportunity cost is calculated by the organization before seeing future planning activities.
The direct and opportunity cost incurred by the organization are included under economic cost. This cost increase as another alternative is chosen for getting an advantage over the current running activity.
The cost which cannot be recouped after they have been spent is considered as a sunk cost. The money that is spent on advertising a product or service that the organization is going to manufacture or provide cannot be recovered and therefore is included under sunk cost.
Explicit cost is the cost that a company directly pays for the variable and fixed costs that are incurred by the organization to produce goods and services. These costs are mentioned in the balance sheet of the accounts in a clear stated figure.
The opportunity costs that are not included in the balance sheet but have a significant effect on the company are known as implicit costs.
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