The cost function selection is considered one of the most relevant aspects for the implementation of Model Predictive Control strategies. In this paper a study of the most common cost functions used for the control of a two level voltage source inverter is presented. The paper introduces several cost function alternatives that could be considered for different power electronic converter applications to compare the implementation and resulting converter waveforms. The results show that Model Predictive Control is an alternative for the implementation of different control objectives in power electronic converters.