This assignment will focus on the Costs of Production. Every firm faces costs of production. Firms undertake the costs of production in order to produce goods and services. The hope is that these costs will be less than the revenue they have coming in which will result in profit.
Compare and contrast the costs associated with the costs of production. Provide examples for each type of cost you identify.
What does the term marginal cost mean in economics? Why is it important to understand the term of marginal costs? Provide examples to support your work.
Should a company ever produce a good or service if the managers know it will lose money? Why or why not. Provide examples to support your response. Explain as much as necessary to get the point across.
Be sure to submit your assignment as a word document through the online course site. Be sure to include your research references cited in APA format at the end of your paper. Your write up should be no more than 2 double-spaced pages. (fonts should be 12 points). You must make a well thought out, concise, paper. Be sure to support your work with specific examples and additional research.
Your assignment should be approximately 500 words in length (typically, two double-spaced pages), not counting cover page, reference list page, appendices, figures, or tables.
Your assignment should include a title page and a reference list page, and be completed in Times New Roman 12-point font, double-spaced, with appropriate header, page numbers, one-inch margins, and meet all other requirements of APA Stylebook.
Please cite your additional resources used/referenced in the most current APA format.
An abstract is not required.
Please refer to the rubric associated with this assignment for detailed guidance about expectations and grading.
