Question

Give an example of how we use the costs of production in today's
world? Explain

Answer #1

Total cost encompasses both variable and fixed costs. It takes
into account all the costs incurred in the production process or
when offering a service. For example, assume that a textile company
incurs a production cost of $9 per shirt, and it produced 1,000
units during the last month. So, the variable cost will be

1,000*$9 = $9000

The fixed cost is the rent, say $5000, labor cost, say $10,000.

So, the total cost of production will be:

$9000 + $5000 + $ 10000

= $24,000

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2. Explain what a critical value is, and explain how
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