Sunk Costs

Sunk Costs

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Description

Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. In economics and business decision-making, sunk costs are retrospective (past) costs that have already been incurred and cannot be recovered. Sunk costs are sometimes contrasted with prospective costs, which are future costs that may be incurred or changed if an action is taken. Both retrospective and prospective costs may be either fixed (continuous for as long as the business is in operation and unaffected by output volume) or variable (dependent on volume) costs. Note, however, that many economists consider it a mistake to classify sunk costs as "fixed" or "variable." For example, if Firm A sinks $1 million on an enterprise software installation. That cost is "sunk" because it was a one-time thing and cannot be recovered once expended.show more

Product details

  • Paperback | 88 pages
  • 152 x 229 x 5mm | 141g
  • String Publishing
  • United States
  • English
  • black & white illustrations
  • 6136255928
  • 9786136255927