explain cost analysis
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Explanation:
The Cost Analysis refers to the measure of the cost – output relationship, i.e. the economists are concerned with determining the cost incurred in hiring the inputs and how well these can be re-arranged to increase the productivity (output) of the firm.
In other words, the cost analysis is concerned with determining money value of inputs (labor, raw material), called as the overall cost of production which helps in deciding the optimum level of production.
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