Explain the money cost concept briefly
Explain the money cost concept briefly.
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Money Cost: It implies the total money expenses incurred through a business firm upon the different items entered in the production of an exact product. For case in point, money payments made upon wages and salaries to managerial and workers staff, payments for raw materials purchased, expenses upon light and power, transportation, insurance, advertisement; as well as payments made on the buy of machinery and equipments and so forth constitute money cost of production. This type of cost concept is also termed as nominal cost.
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The social value of the extra output by additional units of labor is: (1) marginal revenue product of labor. (2) price of labor. (3) average revenue product of labor. (4) value of the marginal product of labor. (5) marginal resource cost of labor. Discover Q & A Leading Solution Library Avail More Than 1437145 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1956304 Asked 3,689 Active Tutors 1437145 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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