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The main difference between the two is the way to measure it in..Real cost is measured in its total/overall quantity for example if i am to build a chair..the 'real cost' chair is = "quantity/amount" of wood, nails, hammer, super glue etc . + my labour charges. according to an economist Alfred marshall, real cost should also include the the time utilized, the troubles taken, the pollution generated etc. it is an abstract concept and so is not an easy or precise way to measure cost.

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10y ago

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