Half a pair of jeans is the opportunity cost of producing an additional shirt, when manzo produces shirts and jeans.
The overall expense a company incurs to either create a good or provide a service is known as the cost of producing. Expenditures associated with production usually include labour costs, as well as the supplies and raw materials used during production. According to the cost-of-production theory of value in economics, the price of a good or service is defined by the total cost of the resources used to produce it. Production and tax elements might both be included in the cost. If there is only one non-produced factor of production and constant returns to scale, the theory makes the most sense.
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