Question

explain the different types of costs explain in 500 words​

Answer 1

Answer:

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Explanation:

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Answer 2

Answer:

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. For example, if you produce more cars, you have to use more raw materials such as metal.

Semi-Variable Cost. Labour might be a semi-variable cost. If you produce more cars, you need to employ more workers; this is a variable cost. However, even if you didn’t produce any cars, you may still need some workers to look after an empty factory.

Marginal Costs – Marginal cost is the cost of producing an extra unit. If the total cost of 3 units is 1550, and the total cost of 4 units is 1900.

Opportunity Cost – Opportunity cost is the next best alternative foregone.

Economic Cost. Economic cost includes both the actual direct costs (accounting costs) plus the opportunity cost.