—costless, adj. —costlessness, n.n.1. the price paid to acquire, produce, accomplish, or maintain anything: the high cost of a good meal.2. an outlay or expenditure of money, time, labor, trouble, etc.: What will the cost be to me?3. a sacrifice, loss, or penalty: to work at the cost of one's health.4. costs, Law.a. money allowed to a successful party in a lawsuit in compensation for legal expenses incurred, chargeable to the unsuccessful party.b. money due to a court or one of its officers for services in a cause.5. at all costs, regardless of the effort involved; by any means necessary: The stolen painting must be recovered at all costs. Also, at any cost.v.t.6. to require the payment of (money or something else of value) in an exchange: That camera cost $200.7. to result in or entail the loss of: Carelessness costs lives.8. to cause to lose or suffer: The accident cost her a broken leg.9. to entail (effort or inconvenience): Courtesy costs little.10. to cause to pay or sacrifice: That request will cost us two weeks' extra work.11. to estimate or determine the cost of (manufactured articles, new processes, etc.).v.i.12. to estimate or determine costs, as of manufacturing something.13. cost out, to calculate the cost of (a project, product, etc.) in advance: to cost out a major construction project.[1200-50; (v.) ME costen < AF, OF co(u)ster < L constare to stand together, be settled, cost; cf. CONSTANT; (n.) ME < AF, OF, n. deriv. of the v.]
* * *IMonetary value of goods and services that producers and consumers purchase.In a basic economic sense, cost is the measure of the alternative opportunities forgone in the choice of one good or activity over others (see opportunity cost). For consumers, cost describes the price paid for goods and services. For producers, cost has to do with the relationship between the value of production inputs and the level of output. Total cost refers to all the expenses incurred in reaching a particular level of output; if total cost is divided by the quantity produced, average or unit cost is obtained. A portion of the total cost known as fixed cost (e.g., the costs of building rental or of heavy machinery) does not vary with the quantity produced and, in the short run, cannot be altered by increasing or decreasing production. Variable costs, like the costs of labour or raw materials, change with the level of output. Economic decisions are based on marginal cost, the additional cost of an incremental unit of production or consumption.II(as used in expressions)cost benefit analysismarginal cost pricing
* * *in common usage, the monetary value of goods and services that producers and consumers purchase. In a basic economic sense, cost is the measure of the alternative opportunities foregone in the choice of one good or activity over others. This fundamental cost is usually referred to as opportunity cost. For a consumer with a fixed income, the opportunity cost of purchasing a new domestic appliance may be, for example, the value of a vacation trip not taken.More conventionally, cost has to do with the relationship between the value of production inputs and the level of output. Total cost refers to the total expense incurred in reaching a particular level of output; if such total cost is divided by the quantity produced, average or unit cost is obtained. A portion of the total cost known as fixed cost—e.g., the costs of a building lease or of heavy machinery—does not vary with the quantity produced and, in the short run, does not alter with changes in the amount produced. Variable costs, like the costs of labour or raw materials, change with the level of output.An aspect of cost important in economic analysis is marginal cost, or the addition to the total cost resulting from the production of an additional unit of output. A firm desiring to maximize its profits will, in theory, determine its level of output by continuing production until the cost of the last additional unit produced (marginal cost) just equals the addition to revenue (marginal revenue) obtained from it.Another consideration involves the cost of externalities—that is, the costs that are imposed either intentionally or unintentionally on others. Thus the cost of generating electricity by burning high-sulfur bituminous coal can be measured not only by the cost of the coal and its transport to the power plant (among other economic considerations) but also by its cost in terms of air pollution.
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