Cost and Revenue Analysis — Economics STD 11 — Question
Tamilnadu BoardEnglish MediumSTD 11EconomicsCost and Revenue Analysis2 Marks
Question
Give the definition for Economic Cost?
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Answer
Economic cost refers to all payments made to the resources owned and purchased or hired by the firm in order to ensure their regular supply to the process of production. It is the summation of explicit and implicit costs.
Economic Cost is relevant to calculate the normal profit and thereby the economic profit of a firm.
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