Cost Concepts

Cost Concepts, cost theory, and its behavior.

The aim of this short lecture is to introduce concepts of cost to the viewer. Gradually widen the knowledge base from thereupon to explain components of costs, classification, and the nature of its behavior in relation to the levels of output in both the short run and in the long run.

One should be able to distinguish the nature of costs incurred and cost per unit of output clearly after this course. Cost behaviors in respect to levels of output and time are explained in simple yet crisp terms.

Cost curve depiction on a graph; both in short-run and long-run is clearly cited with examples. The average cost curves are but an extension of the above and are clearly explained in this course.

A tabulated data of examples of cost at varying levels of output are discussed in detail to make the concept come alive for the viewer. This task of a real-life example will ensure that the concept is drilled down with clarity with no room for confusion.

In all, this is the best introductory course on cost concepts that will set the stage for advanced concepts of costing and cost accounting. Once the base foundation is laid on the rest is as simple as building blocks of a solid structure on it,

I hope this course delivers what it intends. I urge the viewers to reach out in case of any queries or further clarifications. I value your opinions and would greatly appreciate it if you could leave your feedback and your review. This would encourage and also help improve the course content for the better.