The following points highlight the eight main types of cost in microeconomics. The types are: 1. Opportunity Cost 2. Real Cost 3. Short-Run and Long-Run Costs 4. Fixed Cost 5. Variable Cost 6. Total Costs 7. Average Cost or Average Total Cost 8. Marginal Cost. Type # 1. Opportunity Cost: Opportunity cost is concerned with […]
Top 8 Types of Cost Studied in Microeconomics
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Cost Types: 8 Main Types of Cost | Microeconomics
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The following points highlight the eight main types of cost. The types are: 1. Money Cost 2. Real Cost 3. Opportunity Cost 4. Direct Cost and Indirect Cost 5. Incremental Costs and Sunk Costs 6. Replacement Costs and Historical Costs 7. Fixed Costs and Variable Costs 8. Short Run Costs and Long Run Costs. Type […]
Cost Curves: With Diagram | Production | Microeconomics
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In economics, a cost curve is a graph of the costs of production as a function of total quantity produced. In a free market economy, productively efficient firms use these curves to find the optimal point of production, where they make the most profits. There are various types of cost curves, all related to each […]