BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Introduction. The total cost of production is the sum of all expenses incurred by a company to produce goods at a certain output level.

Detailed explanation-2: -The total cost is the sum of fixed costs and variable costs. For example, if a firm has a fixed cost of $30 per unit and a variable cost of $5 per unit as they increase their output, the total cost will be $35.

Detailed explanation-3: -Total product costs can be determined by adding together the total direct materials and labor costs as well as the total manufacturing overhead costs. To determine the product cost per unit of product, divide this sum by the number of units manufactured in the period covered by those costs.

Detailed explanation-4: -Total cost refers to the total expense incurred in reaching a particular level of output; if such total cost is divided by the quantity produced, average or unit cost is obtained.

Detailed explanation-5: -Cost of production is the total cost incurred by a business to either produce a product or offer their services. Production costs typically include supplies and raw materials that are consumed during production, along with labor expenses.