What is notional cost?

Nominal cost is the money cost of production.It is also called expenses of production.These expenses are important from the vier of the producer.He must make sure that the price of the product,in the long run, covers these expenses including normal profit,otherwise he cannot afford to carry on the business Nominal cost is the money cost of production.It is also called expenses of production.These expenses are important from the vier of the producer.He must make sure that the price of the product,in the long run, covers these expenses including normal profit,otherwise he cannot afford to carry on the business