Description
Using an essay with a strong thesis statement and specific topic sentences, answer the following questions.
What role do costs play for consumers and producers when deciding how much to consume or produce? How and why do they influence the behavior of these groups?
You must write the paper in APA format and include a title page and references page; you do not need to include an abstract. To support your arguments, you must include and cite at least 3scholarly references (peer-reviewed articles, books,government publications, etc.) as primary sources in your paper. Use these sources to support your argument—not as your argument. You may include as many secondary sources as you would like. Your final essay should be between 1,000 and 1,500words.
Explanation & Answer
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Running Head: ROLE OF COST
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Role of Cost
Student’s Name
Institutional Affiliation
ROLE OF COST
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Role of Cost
Introduction
A cost is an amount of money that can be used up in accounting, retail, research, and
production that has consumed to come up with something tangible. Therefore, a cost is
irreversible and cannot be used again. In business terms, the cost may be what one attains, in
which case the amount of money spent to obtain. Besides, it is assumed as one of the expenses.
At this moment, the monetary value should be put in place to acquire a product. Therefore, this
gaining cost may be the total sum of the production costs as incurred by the original
manufacturer.
Additionally, transaction costs are experienced by the person who faces the risks over and
above the value paid to the person producing the item. However, the cost is very broad in the
field of economics. It is a metric, which is summing up as an outcome of a differential or a
process for the result of the decision made. Hence cost is the metric applied in the standard of
modeling of a paradigm and can be used during the operations of the economy. The paper would
describe the role that costs play for producers and consumers when deciding the total amount a
company produces or consumes. Additionally, the essay will explain why and how cost has an
influence on the behavior of the...
