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Preeti Dabral 3 years ago
In production, research, retail, and accounting, a cost is the value of money that has been used up to produce something or deliver a service, and hence is not available for use anymore. In business, the cost may be one of acquisition, in which case the amount of money expended to acquire it is counted as cost.
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Preeti Dabral 3 years ago
General equilibrium refers to a situation when the demand and supply of every commodity is equal in the market, whereas, partial equilibrium takes into account a part of the market. Because of partial equilibrium supply and demand of few commodities become equal.
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