What is cost
Cost is the expenditure incurred by the producer on purchase of factor inputs and non-factor inputs
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Cost is the expense incurred by the producer on the production of the commodity.
Cost in economics includes actual expenditure on inputs and the imputed value of the inputs supplied by the owners.
It is an expenditure incurred by the producers on fixed as well variable factors as to produce inputs.
Economic cost is the combination of gains and losses of any goods that have a value attached to them by any one individual. Economic cost is used mainly by economists as means to compare the prudence of one course of action with that of another.