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Cost Concepts in Managerial Economics by Afriana is a document available to read on EtoBox.
What is Cost Concepts in Managerial Economics about?
Managerial economics focuses on cost concepts important for decision making. There are two types of costs: explicit or out-of-pocket costs and implicit or opportunity costs. Costs can also be categorized as fixed, variable, separable, unseparable, historic or opportunity depending on whether they change with activity level and if they can be directly attributed to a cost object. Economic and accounting profits differ based on how costs are defined and measured.
- Author
- Afriana
- Language
- EN