Understanding Cost in Economics

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By ModernNobility



5 Questions

What is cost according to the Chartered Institute of Management Accountants (CIMA), London?

What method is applicable for ascertaining the cost per unit if the manufacturer produces only one product?

What are manufacturing organizations interested in ascertaining?

What is necessary if a manufacturer produces more than one product?

What do organizations rendering services like transport undertaking, canteen, electricity company, and municipality aim to ascertain?


Test your knowledge of cost in economics with this quiz that covers the definition and types of costs as well as their significance in business operations.

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