If there were no costs or loss of time in changing from one product to another, many small lots would be produced.
How do I define "cost"?
A cost is the value of money used to manufacture an item or offer a service but which is now unavailable for use in manufacturing, research, retail, or accounting. When calculating an acquisition cost, the sum of the acquisition's costs is taken into account.
By cost, what do you mean?
Cost is the sum of money that a company spends to manufacture or produce goods or services. The profit margin markup is not included. Cost, as seen from the seller's perspective, is the total amount of money used to create a good or product.
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