Match the cost concepts in List I and their description in List II
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List I (Cost concepts) |
List II (Description) |
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a. |
Sunk cost |
i) |
Change in total cost for a unit change in output |
|
b. |
Marginal cost |
ii) |
Value of inputs owned and used in production |
|
c. |
Investment cost |
iii) |
Costs that are unaffected by firm decision |
|
d. |
Implicit cost |
iv) |
Total increase in costs resulting from a decision |
Choose the correct answer from the options given below:
1
a-ii, b-i, c-iv, d-iii
2
a-i, b-iii, c-iv, d-ii
3
a-iv, b-ii, c-iii, d-i
4
a-i, b-ii, c-iii, d-iv