Cost and Various Cost Concepts

Dr. Manishika Jain- Join online Paper 1 intensive course. Includes tests and expected questions.

Types of Costs

  • Actual cost and opportunity cost
  • Sunk cost and outlay cost
  • Explicit cost and implicit cost
  • Opportunity cost and imputed cost
  • Incremental cost and sunk cost
  • Book-cost and out-of-pocket cost
  • Accounting cost and economic cost
  • Private cost and social cost
  • Direct cost and indirect cost
  • Controllable cost vs. non-controllable cost
  • Replacement cost and original cost
  • Shutdown and abandonment cost
  • Urgent cost and postponable cost
  • Business cost and full cost
  • Total cost, average cost and marginal cost
  • Fixed cost and variable cost
  • Short-run cost and long-run cost
  • Incremental cost and marginal cost

For details refer

Youtube Video Tutorial on Cost

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