Question

Explain the types of Costs.

Answer 1

Types of Costs

• Types of CostsFixed Costs (FC) The costs which don't vary with changing output. ...
• Types of CostsFixed Costs (FC) The costs which don't vary with changing output. ...Variable Costs (VC) Costs which depend on the output produced. ...
• Types of CostsFixed Costs (FC) The costs which don't vary with changing output. ...Variable Costs (VC) Costs which depend on the output produced. ...Semi-Variable Cost. ...
• Types of CostsFixed Costs (FC) The costs which don't vary with changing output. ...Variable Costs (VC) Costs which depend on the output produced. ...Semi-Variable Cost. ...Total Costs (TC) = Fixed + Variable Costs.
• Types of CostsFixed Costs (FC) The costs which don't vary with changing output. ...Variable Costs (VC) Costs which depend on the output produced. ...Semi-Variable Cost. ...Total Costs (TC) = Fixed + Variable Costs.Marginal Costs – Marginal cost is the cost of producing an extra unit.