Answer:

1. 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.

2.Production is the process of combining various material inputs and immaterial inputs (plans, knowledge) in order to make something for consumption (output). It is the act of creating an output, a good or service which has value and contributes to the utility of individuals.

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