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Sunk cost - Cost incurred that cannot be recovered by selling off item purchased etc - R&D, licence and registration etc

Fixed Cost-Cost incurred to buy capital goods. These can be later sold off for money - machinery, land etc.

Variable Costs - These are specific to number of units produced. More units produced, more the variable cost - Raw materials, labor etc.

Marginal costs - he cost added by producing one extra item of a product.

Average cost - total cost divided by the number of goods produced

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