Define and compare the following types of cost: a. Sunk cost versus incremental cost b. Fixed cost
Question:
a. Sunk cost versus incremental cost
b. Fixed cost versus variable cost
c. Incremental cost versus marginal cost
d. Opportunity cost versus out-of-pocket cost
Opportunity Cost
Opportunity cost is the profit lost when one alternative is selected over another. The Opportunity Cost refers to the expected returns from the second best alternative use of resources that are foregone due to the scarcity of resources such as land,...
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a Sunk cost is a cost that is incurred in the past that is not affected by a current decision except ...View the full answer
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Related Book For
Managerial Economics
ISBN: 978-0133020267
7th edition
Authors: Paul Keat, Philip K Young, Steve Erfle
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