Question

Case the producer uses the inputs owned by him in production of final output then the cost incurred by him is called as

Answer 1

Whereas Revenue is the total income made by an organisation during a particular period. The difference between Cost and Revenue is generally called Profit, made by the organisation. In economic terms, Profit is the Net Income, which is shown by formula (Total Revenue – Total Cost)

Answer 2

Answer:

Case the producer uses the inputs owned by him in production of final output then the cost incurred by him is called as Explicit Cost 2.