Question

What is Production Cost?

Answer 1

Answer:

Hello

Explanation:

Definition: Cost of production is the total price paid for resources used to manufacture a product or create a service to sell to consumers including raw materials, labor, and overhead.

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Answer 2

Production cost is the cost that is used to manufacture products and services.

What are the factors that affect the production cost?

• Demand:  When the demand for any product increases then the company also increases production by increasing the supply of raw material
• Technology: Many technologies are invented through which robots work  in place of labor due to which the manufacturing and production rate increase
• Exchange Rate: If the exchange rate of any product rises then the price of the product becomes cheap