Cost of production refers to the total sum of money needed for the production of a particular quantity of output. ... It is all about the payments or expenditures essential to get the factors of production of land, labor, capital and management needed to produce a commodity.
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Cost of production refers to the total sum of money needed for the production of a particular quantity of output. ... It is all about the payments or expenditures essential to get the factors of production of land, labor, capital and management needed to produce a commodity.