Hello, guys, this is Umang Khatri .welcome to my youtube channel. In this video, we are going to learn the concept of cost. What is concept of cost:- When commodities and services are produced, various expenses have to be incurred, e.g., purchase of raw materials, payment to labor, landlord, capitalist, etc. The sum total of the expenses incurred plus the normal profit expected by the producer is called the cost of production.
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