1. Explain the various types of cost
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A list and definition of different types of economic costs. Fixed Costs (FC) The costs which don't vary with changing output. Fixed costs might include the cost of building a factory, insurance and legal bills. ... Variable Costs (VC) Costs which depend on the output produced.
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A list and definition of different types of economic costs. Fixed Costs (FC) The costs which don't vary with changing output. Fixed costs might include the cost of building a factory, insurance and legal bills. Variable Costs (VC) Costs which depend on the output
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