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- Low cost refers to the amount of money spent on producing a product, while price is the amount a customer is willing to pay for that product1. The difference between the price and costs is profit. In terms of value, costs are often lower compared to the price, as the price includes both production costs and added profits for the seller2.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.The amount of cost that goes into producing a product can directly impact its price and profit earned from each sale. Price is the amount a customer is willing to pay for a product or service. The difference between the price paid and costs incurred is profit.www.investopedia.com/ask/answers/101314/what-d…In terms of value, costs are often lower compared to the price. As mentioned before, “price” is a combination of production costs and added profits for the seller. This means that the profit element adds some value into the price.www.differencebetween.net/business/finance-busin…
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WEBNov 20, 2020 · Cost refers to “the expense incurred for making a product or service that is sold by a company,” according to Investopedia. “The cost of producing a product has a direct impact on both the price of the product …
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