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What is real cost and money cost?
The amount of payment paid to the factors of production in terms of current monetary units is known as money cost And in the same way payment paid to the factors of production in terms of amount of...
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How is cost differ from opportunity COST?
cost represents the money paid for something while opritunity cost is the value of one thing is when u give of something else,like cost is these shoes cos $228or these shoes cost $456 and the others...
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Is opportunity cost a relevant cost?
yes, because it can be used in something more productive
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Are Labor costs fixed costs or variable costs?
Labor costs are fixed with respect to the price of each unit. This is because it takes the same amount of time to produce each identical unit. However, in the bigger picture labor is a variable cost....
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What is Average cost and variable cost?
Variable costs depends on how much is used. Ex: water bill. people can have a lot or not much but depends on how much.