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Economic cost is used by an economist. Total cost: Total cost is the total expenditure incurred by the producer to produce his goods. Total cost is also the summation of total fixed costs and total variable costs. Total cost is evaluated as follows:- 1. Total Cost = Cost per unit x Quantity Produced 2.
Selling Costs: Definitions, Assumptions, Equilibrium! Selling costs play the key role in monopolistic competition and oligopoly. Under these market forms, the firms have to compete to promote their sale by spending on advertisements and publicity.
COST AND SALES CONCEPTS • LEARNING OBJECTIVES • After reading this chapter, you should be able to: 1. Define the terms cost and sales . 2. Define and provide an example of the following types of costs: fixed, directly variable, semivariable, controllable, noncontrollable, unit, total, prime, historical, and planned. 3.
6 Αυγ 2018 · Differentiate between the following: accounting and economic costs, real and nominal cost, private and social cost, sunk and incremental cost. c. Appreciate the necessity of proper...
There are many examples of costs that are variable with respect to the products and services provided by a company. In a merchandising company, variable costs include such items as cost of goods sold, commissions to salespersons, and billing costs. In a hospital,
Lecture Notes on Pricing. (Revised: July 2012) These lecture notes cover a number of topics related to strategic pricing. Some of these are topics already presented in 15.013, and some are new. The objective is to provide you with a pricing “toolbox,” i.e., a set of pricing techniques, each of which might apply in some situations but not in others.
(iv) Selling price, variable cost per unit and total fixed costs are known and constant. (v) All revenues and costs can be added, sub traded and compared without taking into account the time value of money.
