Question

Explain meaning of cost and various type in detail.
​

Answer 1

Answer:

The two basic types of costs incurred by businesses are fixed and variable. Fixed costs do not vary with output, while variable costs do. Fixed costs are sometimes called overhead costs. ... In a production facility, labor and material costs are usually variable costs that increase as the volume of production increases.

Answer 2

The two basic types of costs incurred by businesses are fixed and variable. Fixed costs do not vary with output, while variable costs do. Fixed costs are sometimes called overhead costs. In a production facility, labor and material costs are usually variable costs that increase as the volume of production increases.