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Cost-plus pricing is a strategy to set the selling price by adding a markup percentage to the product's unit cost. It is common for utilities, government contracts, and retail stores, but it does not account for market demand and competitor prices.
Cost price is the original price of an item or the total outlay required to produce a product or service. Learn about different types of cost price, such as actual cost, last cost, average cost, and net realizable value, and how they are used in retail systems and stock market theories.
Total cost is the minimum financial cost of producing some quantity of output, which includes variable and fixed costs. Learn how to decompose total cost, calculate marginal cost and profit, and use cost curves to illustrate economic concepts.
Cost of goods sold (COGS) is the carrying value of goods sold during a period. It includes costs of purchase, conversion and other costs associated with inventory. Learn how to determine COGS, its importance, and its accounting and tax implications.
Learn what average cost is in economics, how it varies with output and input, and how it relates to marginal cost and price. Find out the different types of average cost curves and their shapes, and see examples of industries with different cost structures.
Learn what break-even point is, how to calculate it, and why it is important for business and economics. Find out how break-even analysis can help you determine the minimum output, revenue, and profit needed to cover costs and achieve your goals.
Learn how to itemize the cost of a product or service into its various components, such as labor, material, conversion, logistics, subcontracting and overhead. See examples of cost breakdown analysis for transportation and corrugated boxes.
Economic cost is the combination of losses of any goods that have a value attached to them by any one individual. It includes opportunity cost and differs from accounting cost. Learn about its aspects, such as variable, fixed, average and marginal costs, and cost curves.