A commodity refers to any good that can be interchanged,
traded, bought and sold.
They are the basic valuable input goods that are usually used
as inputs during the production of final goods.
b.
The total cost of producing a commodity refers to the overall
cost of incured by a firm in producing a particular commodity or a
good.
In other words, the total cost of producing a commodity is the
amount of money required for the use of the various factors of
production like the land, labour, machinery, raw materials etc
inorder to produce a certain quantity of output.