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Total economic cost of production
In economics, total cost (TC) is the minimum financial cost of producing some quantity of output. This is the total economic cost of production and is
Total_cost
Financial estimate; accounting concept
Total cost of ownership (TCO) is a financial estimate intended to help buyers and owners determine the direct and indirect costs of a product or service
Total_cost_of_ownership
Money spent to produce or procure goods or services
mark-up for profit over the cost of production. More generalized in the field of economics, cost is a metric that is totaling up as a result of a process
Cost
Process to determine the highest profits for a firm
to maximize its total profit, which is the difference between its total revenue and its total cost. Measuring the total cost and total revenue is often
Profit_maximization
Cost added by producing one additional unit of a product or service
economics, marginal cost (MC) is the change in the total cost that arises when the quantity produced is increased, i.e. the cost of producing additional
Marginal_cost
Business expenses not dependant on output
telephone costs could be treated as "mixed" because the total cost would include the variable cost of actual calls. Raw materials are one of the variable
Fixed_cost
Sum of marginal costs over all units produced
make up the two components of total cost. Direct costs are costs that can easily be associated with a particular cost object. However, not all variable
Variable_cost
Graph used in economics
In economics, a cost curve is a graph of the costs of production as a function of total quantity produced. In a free market economy, productively efficient
Cost_curve
Total cost management (TCM) is the name given by AACE International to a process for applying the skills and knowledge of cost engineering. It is also
Total_cost_management
Total cost required by any company for managerial tasks
Total cost of acquisition (TCA) is a managerial accounting concept that includes all the costs associated with buying goods, services, or assets. Generally
Total_cost_of_acquisition
Total absorption costing (TAC) is a method of cost accounting which takes account of the full cost of manufacturing a product or providing a service. TAC
Total_absorption_costing
Total cost divided by number of goods produced
In economics, average cost (AC) or unit cost is equal to total cost (TC) divided by the number of units of a good produced (the output Q): A C = T C Q
Average_cost
Estimation of the cost of a project
The cost estimate has a single total value and may have identifiable component values. The U.S. Government Accountability Office (GAO) defines a cost estimate
Cost_estimate
Practice of regarding cost in engineering projects
Cost engineering is "the engineering practice devoted to the management of project cost, involving such activities as estimating, cost control, cost forecasting
Cost_engineering
Type of measurement for the cost of an aircraft
cost Total cost over the lifetime of the aircraft program, including maintenance, divided by the number of aircraft, equivalent to average total cost
Flyaway_cost
Rise of salaries in jobs that have seen little rise of productivity
each sector's total cost is the wage paid to workers multiplied by the total number of workers. The cost per unit output is the total cost divided by the
Baumol_effect
average unit cost to both cost of goods sold (COGS) and ending inventory. The average unit cost is computed by dividing the total cost of goods available
Average_cost_method
Comparison of costs of different electricity generation sources
divided by an appropriately discounted total of the energy output from the asset over that lifetime. The levelized cost of storage (LCOS) is analogous to LCOE
Cost_of_electricity_by_source
Benefit lost by a choice between options
earned instead. If a company's printer malfunctions, the implicit cost equates to the total production time that could have been utilized if the machine did
Opportunity_cost
expensive video games ever developed, with a minimum total cost of US$50 million and sorted by the total cost adjusted for inflation. Most game budgets are not
List of most expensive video games to develop
List_of_most_expensive_video_games_to_develop
Accounting practice
Cost of Goods Sold. #111 $3,000 DM, 30 DL hours. Therefore, $6,600 in new cost is added ($3,000 DM, $600 DL, $3,000 OH). The job has a new total cost
Job_costing
Topics referred to by the same term
titles beginning with total Total war, a large-scale military conflict Totaled, the write-off of a damaged vehicle on cost grounds Totally (disambiguation)
Total
Budget of Olympic Games
for the Winter Games. The highest recorded total cost was that of the 2014 Sochi Winter Olympics, costing approximately US$55 billion. The 2016 Rio de
Cost_of_the_Olympic_Games
Procedures to optimize practices in cost efficient ways
materials and components and pay 6 labourers $40 each. Therefore, the total variable cost for each coach was $300. Knowing that making a coach requires spending
Cost_accounting
Total cost of holding inventory
In marketing, carrying cost, carrying cost of inventory or holding cost refers to the total cost of holding inventory. This includes warehousing costs
Carrying_cost
Fixed costs of production divided by the quantity of output
fixed cost is a reciprocal function that plots a rectangular hyperbola. Average variable cost plus average fixed cost equals average total cost: A T C
Average_fixed_cost
Variable costs of production divided by total output
{\displaystyle AVC={\frac {VC}{Q}}} Average variable cost plus average fixed cost equals average total cost (ATC): A V C + A F C = A T C . {\displaystyle AVC+AFC=ATC
Average_variable_cost
Production scheduling model
production cost) The single-item EOQ formula finds the minimum point of the following cost function: Total Cost = purchase cost or production cost + ordering
Economic_order_quantity
Inventory theory process
_{r}^{r+Q}B(x+1)dx} The total cost is given by the sum of setup costs, purchase order cost, backorders cost and inventory carrying cost: Y ( Q , r ) = D Q
(Q,r)_model
Strategy of setting prices based on a fixed markup percentage
total cost, computing the unit cost, and then adding a markup to generate a selling price (refer to Fig 1). Step 1: Calculating total cost Total cost
Cost-plus_pricing
Total Delivered Cost (TDC) is the amount of money it takes for a company to manufacture and deliver a product. Its components are: Total Manufacturing
Total_delivery_cost
Equality of costs and revenues
(BEP) in economics, business—and specifically cost accounting—is the point at which total cost and total revenue are equal, i.e. "even". In layperson's
Break-even_point
Fixed, one-time expenses in economics
In other words, it is the total cost needed to bring a project to a commercially operable status. Whether a particular cost is capital or not depend on
Capital_cost
Measurement in advertising
the relevant media cost: Advertising Cost ($) / Impressions Generated For example: Total cost for running the ad is $15,000. The total amount of impressions
Cost_per_mille
Car propelled by an electric motor using energy stored in batteries
in China. In the United States and the European Union, as of 2020, the total cost of ownership of recent electric vehicles is cheaper than that of equivalent
Electric_car
Total cost of ownership over the life of an asset
Whole-life cost is the total cost of ownership over the life of an asset.[clarification needed] The concept is also known as life-cycle cost (LCC) or lifetime
Whole-life_cost
Costs associated with 'fixed assets'
expense (operational expenditure, opex) Total cost of ownership (TCO) Contract management software Capital cost Cash flow statement Income statement Balance
Capital_expenditure
Value representing unit price
the original price of an item. The cost is the total outlay required to produce a product or carry out a service. Cost price is used in establishing profitability
Cost_price
combined total of $237 million. Some reports put the combined cost of the production at $300 million. Summit Entertainment projected a total cost of $263
List_of_most_expensive_films
Difference between the cost and the selling price of a good or service
its marginal cost.[page needed][page needed] Markup is often expressed as a percentage over the cost. A markup is added into the total cost incurred by
Markup_(business)
Transportation system cost comparison
Space elevator economics compares the cost of sending a payload into Earth orbit via a space elevator with the cost of doing so with alternatives, like
Space_elevator_economics
Polynomial-time algorithm for the assignment problem
Hence, the total cost is at least the total potential. The Hungarian method finds a perfect matching and a potential such that the matching cost equals the
Hungarian_algorithm
Ongoing cost for running a product, business, or system
commissions Capital expenditure (capex) Total cost of ownership (TCO) Capital budgeting Freight expense Operating cost Overhead (business) Working capital
Operating_expense
Combinatorial optimization problem
graph-theoretic version is called minimum-cost perfect matching. Otherwise, it is called unbalanced assignment. If the total cost of the assignment for all tasks
Assignment_problem
projects Like its predecessor methodology, Total Cost Assessment (TCA), S-ROI considers five different cost types. The first two, Direct and Indirect Costs
Sustainable return on investment
Sustainable_return_on_investment
Mathematical optimization problem
canceling, the algorithm selects a cycle that has minimum mean cost (the ratio of the total cycle cost to the number of arcs). Such a cycle can be found in polynomial
Minimum-cost_flow_problem
Method for regulating monopolies
pricing forces monopolists to reduce price to where the firm's average total cost (ATC) intersects the market demand curve. The effect on the market would
Average_cost_pricing
NASA infrared space telescope
only a modest fraction of the cost of the mission and the boundary conditions from the NRO design may push the total cost over that of a fresh design.
Nancy Grace Roman Space Telescope
Nancy_Grace_Roman_Space_Telescope
inverse distribution function of a standard normal distribution. The total cost is given by the sum of holdings costs and backorders costs: T C = h I
Base_stock_model
2012 cruise ship sinking off the Italian coast
home port of Genoa for scrapping, which was completed in July 2017. The total cost of the disaster, including victims' compensation, refloating, towing and
Costa_Concordia_disaster
Model in inventory management
should order to minimize the total inventory costs by balancing the inventory holding cost and average fixed ordering cost. The EPQ model was developed
Economic_production_quantity
provided by Flexirent. Criticisms include the total amount made on repayments often exceeding the cost of the product itself. Gerry Harvey had previously
Flexirent
Wildfire in British Columbia, Canada
air tanker. Amateur radio operators assisted during the emergency. That total cost was estimated at $33.8 million. McDougall Creek Fire: A wildfire started
2003 Okanagan Mountain Park fire
2003_Okanagan_Mountain_Park_fire
Method of making choices that maximises utility
minimization of cost is equivalent to maximization of values. The payments in step 3 are negative: each agent has to pay the total cost incurred by all
Vickrey–Clarke–Groves mechanism
Vickrey–Clarke–Groves_mechanism
Multi-sport event in Amsterdam, Netherlands
reviewed the costs and revenue of the 1928 Games. The committee reported a total cost of US$1.183 million with receipts of US$1.165 million, giving a negligible
1928_Summer_Olympics
Concept in economics
received from its outputs and total costs of its inputs, also known as "surplus value". It is equal to total revenue minus total cost, including both explicit
Profit_(economics)
Building complex in Mecca, Saudi Arabia
Binladin Group, the Kingdom's largest construction company. The total cost of construction totaled US$15 billion. The complex was built after the demolition
The_Clock_Towers
Motor vehicle lease transferred to another party
arrangement. The employer reduces the salary of the employee by their total cost. This reduction in the employee's salary results in less income tax being
Novated_lease
manufacturing overhead costs (MOH cost), work overhead, or factory burden in American English, is the total cost involved in operating all production
Factory_overhead
Cost accounting method
Indicator Opportunity cost Pollution credit Social cost Total cost Total cost of ownership True cost accounting Whole-life cost See Green economics. Schaltegger
Environmental full-cost accounting
Environmental_full-cost_accounting
Carrying value of goods sold during a particular period
Cost of goods sold (COGS) (also cost of products sold (COPS), or cost of sales) is the carrying value of goods sold during a particular period. Costs
Cost_of_goods_sold
Stadium in Atlanta, Georgia, U.S.
parent organization of the Falcons and Atlanta United FC. In 2016, the total cost of its construction was estimated at US$1.6 billion. The stadium officially
Mercedes-Benz_Stadium
Stealth missile destroyer class of the US Navy
rather than the 32 originally planned, the total program cost per ship jumped. In April 2016 the total program cost was $22.5 billion, $7.5 billion per ship
Zumwalt-class_destroyer
Topics referred to by the same term
cost, costs of doing business that do not change, such as rent and administration Total cost, fixed plus variable cost Average cost, the total cost of
Cost_(disambiguation)
Measure of the total cost of an investment fund
The total expense ratio (TER) is a measure of the total cost of a fund to an investor. Total costs may include various fees (purchase, redemption, auditing)
Total_expense_ratio
Methods used in managing inventory
company would expense the cost associated with the first 100 units at $50 and the remaining 110 units at $55. Under FIFO, the total cost of sales for November
FIFO_and_LIFO_accounting
Ratio used in industrial engineering
The Lang Factor is an estimated ratio of the total cost of creating a process within a plant, to the cost of all major technical components. It is widely
Lang_factor
Interest rate for a whole year
insists, however, on using a specific attorney, the cost should be looked at as a component of the total cost of doing business with that lender. This area
Annual_percentage_rate
Cost accounting model
total sales) will remain constant. The components of CVP analysis are: Level or volume of activity. Unit selling prices Variable cost per unit Total fixed
Cost–volume–profit_analysis
Tracking the IT cost for a business or organization
the total cost to deliver and maintain the IT Services they provide to the business. It is increasingly a task of management accounting. IT cost transparency
IT_cost_transparency
Bucket wheel excavator built by the German company Krupp
five years to design and manufacture and five years to assemble, with total cost reaching $100 million. In 1995, it was itself superseded by the slightly
Bagger_288
American postage stamp with design error
hammer price of $1,350,000, with an 18 percent buyer's premium raising the total cost to $1,593,000. On 11 November 2023, another Inverted Jenny stamp was auctioned
Inverted_Jenny
Swarm robots developed at Harvard University
collectives is that the cost of individual units is high. The Kilobot's total cost of parts is under $15. In addition to low cost, it has applications such
Kilobot
Total cost for a service, including fees
the total cost or rate charged for a service, including all associated fees and expenses. In finance, an all-in rate typically refers to the total rate
All-in_rate
Cost function in economics
principal cost functions (or 'curves') used in microeconomic analysis: Long-run total cost (LRTC) is the cost function that represents the total cost of production
Long-run_cost_curve
buildings, civil and monumental works, and infrastructure. Construction cost - the total cost to construct a project. This value usually does not include the
Glossary of construction cost estimating
Glossary_of_construction_cost_estimating
International nuclear fusion research and engineering megaproject
billion, but the total price of construction and operations is projected to be from €18 to €22 billion; other estimates place the total cost between $45 billion
ITER
Railway and urban development project in Stuttgart, Baden-Württemberg, Germany
being €4.5 billion in 2009. In March 2022, Deutsche Bahn estimated the total cost at €9.15 billion. Heated debate ensued on a broad range of issues, including
Stuttgart_21
investments. Gartner Group designed this methodology in 2003. TVO differs from total cost of ownership (TCO) in that TVO considers the benefits of alternative investments
Total_value_of_ownership
Arena in Mexico City, Mexico
sports, and other events. It officially opened on February 25, 2012. The total cost of the arena was US$300 million. The arena has a maximum capacity of 22
Mexico_City_Arena
where Y {\displaystyle Y} is the total cost, a {\displaystyle a} is the fixed cost, b {\displaystyle b} is the variable cost per unit, and X {\displaystyle
Semi-variable_cost
When one must decrease production of one good to increase another in an economy
efficiency occurs at the base of the average total cost curve — i.e. where marginal cost equals average total cost — for each good. Due to the nature and culture
Productive_efficiency
Estimation in cost engineering
When estimating the cost for a project, product or other item or investment, there is always uncertainty as to the precise content of all items in the
Cost_contingency
NASA/ESA/CSA space telescope launched in 2021
construction completed in 2016, followed by years of exhaustive testing, at a total cost of US$10 billion. The mass of the James Webb Space Telescope (JWST) is
James_Webb_Space_Telescope
2015 wildfire in Amador County, California
people had been found in the Mokelumne Hill and Mountain Ranch areas. The total cost of fighting the Butte Fire was estimated by the National Interagency Fire
Butte_Fire
Vehicle propelled fully or mostly by electricity
market transition. The higher initial price is often offset by superior total cost of ownership (TCO) over the vehicle's lifespan. Operational expenses for
Electric_vehicle
American infantry fighting vehicle
passengers. In the year 2000, the total cost of the program was US$5,664,100,000 for 1,602 units, giving an average unit cost of $3,166,000, equivalent to
M2_Bradley
Calculation method for US telephony expenses
Total element long-run incremental cost (TELRIC) is a calculation method that the United States Federal Communications Commission (FCC) requires incumbent
Total element long run incremental cost
Total_element_long_run_incremental_cost
Spatial analysis techniques for minimizing cost
optimal solution is that which minimizes the total cost of the route, based on a field of cost density (cost per linear unit) that varies over space due
Cost_distance_analysis
Football Stadium in Johor
the current team and all previous Johor football teams since 1964. The total cost of the construction was estimated at MYR 200 million. The stadium, with
Sultan_Ibrahim_Stadium
Sports hall in Halstenbek, Germany
estimated cost already rose to more than 12 million Deutschmarks. Construction began in September 1995. In 1996, the estimated total cost had reached
Knick-Ei
for market segmentation. For the consumer, price is only one part of total cost of a product. The consumer has the additional costs of transportation
Customer_cost
Floating liquefied natural gas platform
estimated its Prelude project will cost up to $3.5 billion for each million tons of production capacity, indicating a total cost of up to $12.6 billion. Milne
Prelude_FLNG
Steel roller coaster at Pleasure Beach Resort
Manufactured by Mack Rides, the ride opened on 25 May 2018, and had a total cost of £16.25 million. The ride was marketed as the first multi-launch roller
Icon_(roller_coaster)
American heavy strategic bomber
the program produced 21 B-2s at a total cost of $44.7 billion (equivalent to $91,820,000,000 in 2025) or average cost of $2.13 billion (equivalent to $4
Northrop_B-2_Spirit
Point of balance at which neither a profit nor a loss is made
consuming it. It is shown graphically as the point where the total revenue and total cost curves meet. In the linear case the break-even point is equal
Break-even
American supply chain scholar
with a focus on buyer-supplier relationships, strategic purchasing, and total cost management. Ellram has been a University Distinguished (since 2019) and
Lisa_Ellram
Process of selecting paths in a data communications network
immediate neighbors and the direct cost involved in reaching them. (This information — the list of destinations, the total cost to each, and the next hop to
Routing
Irrigation scheme in India
this scheme, the government of India will provide 60% subsidy on the total cost of solar irrigation installed pumps to the farmer. The objective of the
Pradhan Mantri Kisan Urja Suraksha Evam Utthan Mahabhiyan Yojana
Pradhan_Mantri_Kisan_Urja_Suraksha_Evam_Utthan_Mahabhiyan_Yojana
Economic term
process. The term differs slightly from Total cost of ownership analysis (TCOA). LCCA determines the most cost-effective option to purchase, run, sustain
Life-cycle_cost_analysis
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