Illustrate what is the tolal accounting cost

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Reference no: EM1326404

Calculating the accounting and economic costs

Suppose a company incurs the following costs: Labor - $400, Equipment - $300, Material - $100. However, it owns the building so dosen't have to pay the $800 in rent.

- What is the tolal accounting cost?

- What is the total economic cost?

- Explain why these are different in this way.

Reference no: EM1326404

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