Costs

The economists regard cost as a forgone alternative, the cost of using resources for a certain purpose when it is measured by the benefit given up by not using them for another alternative purpose.

The accountants regard cost as the price of commodities expressed in monetary units. Cost is the price to pay for buying commodities or using resources.

It is in this lucid manner that this book will teach you cost.

It clearly explains the fixed cost. It throws light on how to calculate the fixed cost of a firm.

It analyzes the average cost. It sheds light on how to calculate the average cost of a firm.

It appraises the total cost. It casts light on how to calculate the total cost of a firm.

It evaluates the marginal cost. It highlights how to calculate the marginal cost of a firm.

It explains the average fixed cost. It shows you how to measure the average fixed cost of a firm.

It examines average variable cost. It shows you how to calculate the average variable cost of a firm.

And it discusses the short-run and long-run costs. It outlines the differences between the short-run and the long-run costs of a firm.

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