Suppose a company has the following costs: Labor $400 Equipment $300 Materials $100 A)What is the

Suppose a company has the following costs: Labor $400 Equipment $300 Materials $100 A)What is the total accounting cost? B)What is the total economic cost? In general, accounting costs are the dollars paid for goods and services. In your example $800. Economic costs are expressed in terms of opportunity costs. I dont believe you have provided enough info to determine this. However, economic costs would, likely but not a sure thing, be less than accounting costs.

 

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