Cost of growing crops per hectare is known as? (IBPS AFO 2015)

✅Explanation: The cost of growing crops per hectare is commonly referred to as the "Cost of production." This includes various expenses incurred during the cultivation process, such as seeds, fertilizers, pesticides, labor, machinery, and other inputs. Understanding the cost of production is essential for farmers to make informed decisions about crop management, pricing, and overall profitability.

📌Other Options Explanations:

– Marginal cost: This refers to the additional cost incurred in producing one more unit of output.

– Total cost: This is the sum of all costs incurred in producing a certain quantity of output.

– Average cost: This is the total cost divided by the quantity of output.

– Equilibrium cost: This is the cost at which the quantity demanded equals the quantity supplied.