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.
When a firm gives substantial general training to specific workers: (i) it is probable to pay them a premium wage to cut labor turnover. (ii) the workers are likely to receive less pay than their VMPs after such training. (iii) the workers are most pr
Help to achive the other objectives of the firm like industry leadership,expansion implementation of policies
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