Introduction to Microeconomics: Meaning and Types of Cost

This topic introduces the concept of cost in microeconomics for Class XI, beginning with the classification of cost into material, expenses, and labour. It then outlines the chapter's scope, covering the meaning of cost,…

• Cost in economics is the money value of inputs used in production.
• The source diagram classifies cost into Material, Expenses, and Labour.
• Material includes R.O.M., components, and consumables.

Full explanation, worked examples & memory tricks in the app