Description

Cost incurred is important in price determination. it is essential to be aware that there is an inverse reletionship between the product price and the level of demand, and that, the overall profit depends on the quantity demanded. The reality is that the major resources available for production are reducing.It is, therefore, undeniable that the existence of a firm in the future competitive environment is very much concerned with efficient utilisation of resources available for production. Thus, the application of cost control is accordingly paramount to business success in the contemporary business economy.