What is cost of production?
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Cost of production refers to the total sum of money needed for the production of a particular quantity of output. As defined by Gulhrie and Wallace, “In Economics, cost of production features a special meaning. ... It signifies the money costs which are to be incurred for acquisition of the factors of production.”
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In economics, the cost - of - production theory of value is the theory that the price of an object or condition is determined by the sum of the cost of the resources that went into making it.
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