1.Cost of production refers to the average cost of producing one unit of a commodity (e.g., $125 per ton of hay). This value is calculated by totaling all of the costs associated with a farm enterprise and dividing that total by the output (yield) produced.

2.Production costs may include things such as labor, raw materials, or consumable supplies. In economics, the cost of production is defined as the expenditures incurred to obtain the factors of production such as labor, land, and capital, that are needed in the production process of a product.

3.Cost of production refers to the total cost incurred by a business to produce a specific quantity of a product or offer a service. Production costs may include things such as labor, raw materials, or consumable supplies.

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