Cost Income of an economy, i.e., value of its total produced goods and services may be calculated at either the ‘factor cost’ or the ‘market cost’. There is a difference between them. In general, they are also called ‘factor price’ and ‘market price’. India officially used to calculate its national income at factor cost. Since January 2015, the CSO has switched over to calculating it at market price ● Statement 1 incorrect: Factor cost is the ‘input cost’ the producer has to incur in the process of producing something (such as cost of capital, i.e., interest on loans, raw materials, labour, rent, power, etc.). This is also termed as ‘factory price’ or ‘production cost/price’. This is nothing but the ‘price’ of the commodity from the producer’s side. ● Statement 2 Incorrect: Market cost is derived after adding the indirect taxes to the factor cost of the product. It means the cost at which the goods reach the market, i.e., showrooms The formula to calculate is Market Cost= Factor Cost – Subsidies + Indirect Taxes
A train takes to cross a man standing on a platform and a 360m long bridge 12 sec and 30 sec respectively. How long will it take to cross a 220m long pl...
750 metres long train crosses a man who is moving in the same direction with a certain speed, in 50 seconds. If the same train can cross a tree in 20 se...
Two trains of same length are running in parallel tracks in the same direction with speed 50 km/hr and 120 km/hr respectively. The latter completely cro...
A train started from station P and preceded towards station Q at a speed of 60 km/h. 35 minutes later, another train started from station Q and preceded...
100 metre long train ‘A’ can cross a platform of length 50 metres in 20 seconds. If the speed of train ‘B’ is 6 m/s more than that of train ‘A...
Train A running at speed of 81 km/hr crosses a platform having twice the length of train in 12 sec. Train B whose length is 360m crosses same platform i...
200 metre long train ‘A’ can cross a platform of length 180 metres in 10 seconds. If the speed of train ‘B’ is 6 m/s more than that of train ‘...
Ratio of the lengths of two trains ‘X’ and ‘Y’ is 6:7 respectively and the ratio of time taken by them to cross a pole is 4:5 respectively. If s...
Train ‘A’ can cross a pole in 4 seconds and a 150 metre long platform in 10 seconds. If the ratio of length of train ‘A’ and train ‘B’ is 2:...
Train P, which is 300 meters long, passed train Q moving in the opposite direction toward it in 16 seconds. Train Q took 16.8 sec...