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  • Economic Cost Definition

Formula for Economic Cost

The economic cost of an action is calculated by adding its direct costs to its opportunity cost. The relationship is expressed by the formula:

Economic Cost=Direct Costs+Opportunity Cost\text{Economic Cost} = \text{Direct Costs} + \text{Opportunity Cost}

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Gemini AI
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References

Tags

CORE Econ

Economics

Social Science

Empirical Science

Science

Economy

Introduction to Microeconomics Course

The Economy 2.0 Microeconomics @ CORE Econ

Ch.2 Technology and incentives - The Economy 2.0 Microeconomics @ CORE Econ

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