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FAQs
What does the total cost include? ›
Total cost refers to the overall cost of production, which includes both fixed and variable components of the cost. In economics, the total cost is described as the cost that is required to produce a product. Total cost is composed of two components, which are: Fixed cost: It is the cost that is constant.
What does price include? ›Basic Price: It is the amount that producer receive from buyer for a unit of good or service produced minus any taxes payable and plus subsidies payable on that unit as the result of its production or sales. It does not include any producer transport charges which are involved separately.
How do you answer the price question? ›Rather than giving a price, sellers say something like, “There are many options, and I need to understand your needs before I can give you an accurate quote.” Fourth, you could offer a range based on average deal size or high and low price points. This response is meant to help the prospect without overpricing them.
What does total price mean? ›More Definitions of Total Price
Total Price means the total amount of the cumulative Prices of the Services that are the subject of the Order; this amount includes all taxes.
In accounting, the term cost refers to the monetary value of expenditures for services, supplies, raw materials, labor, products, equipment, etc.
What is your total cost? ›Total cost (TC) in the simplest terms is all the costs incurred in producing something or engaging in an activity. In economics, total cost is made up of variable costs + fixed costs. Variable costs (VC) are costs that change based on how many goods you produce or how much of a service you use.
How do you respond to a client asking for a price? ›Here are eight ways you can respond to a customer's request for price negotiation to keep their business, close a sale and maintain your revenue and reputation:
- Share the lowest terms you can offer and add variables. ...
- Examine why they want to negotiate and actively listen. ...
- Focus on the simplest issue first.
Response 1: Empathize and redirect to value
Example: “I understand your concern about the cost. Let's consider our product's unique benefits, like [specific feature], which provides long-term value.”
An inclusive price includes all applicable taxes and may also include gratuity and administrative charges.
How to solve total cost? ›The formula for the total cost is as follows: Total Cost of Production = (Total Fixed Cost + Total Variable Cost) x Number of Units.
How do you ask for total price? ›
The phrase "What's your price?" in English is often used to inquire about how much someone is willing to accept as payment for a service, product, or even to do something morally questionable. It's a direct way of asking someone what they would want in return for a specific action or favor.
What is the total cost formula? ›What is the total cost formula? First, you have to identify the total number of units produced (i.e. the number of product units manufactured throughout a specific time period). The formula for the total cost is as follows: Total Cost of Production = (Total Fixed Cost + Total Variable Cost) x Number of Units.
What is not included in total cost? ›Total cost does not include opportunity costs as opportunity cost is the next best alternative foregone. If that alternative was not chosen, then the costs associated with it are also not there.
Which of the following are included in total cost? ›Total cost in economics includes the total opportunity cost (benefits received from the next-best alternative) of each factor of production as part of its fixed or variable costs.
What are the three components of total cost? ›These can be broadly classified into three categories: Material, Labour, and Expenses. Elements of Cost: These are the different types of costs that contribute to the total expenditure of a project.