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MICROECONOMICS CH : 8 CONCEPTS OF COST — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsMICROECONOMICS CH : 8 CONCEPTS OF COST1 Mark
Question
Define production cost.
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Answer

Production cost refers to the expenditure incurred by the producer (explicitly or implicitly) on the inputs for producing a given level of output.

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