ABC Ltd. makes a television table that sells for $60 per unit. It has variable costs of $20 per unit and incurs fixed costs of $110,000 per period. Create the mathematical model that represents the problem a.P= 60X- 110,000 – 20 X b.P= 20x- 110,000- 60 X c.P= 60 X- 110,000X- 20 d.P= 20X- 60 – 110,000 X   Which of the following is a definition for variable costs? a.Costs that contain a fixed and variable element b.Costs that remain the same whatever the level of output c.Costs that will remain fixed as output increases until the activity reaches a level where the costs have to increase sharply d.Costs that vary directly with the number of units produced

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Cost of Production

The entire idea of the cost of production or production cost is applied corresponding, or we can say that it is related to monetary cost. Money cost refers to any money expenditure which the firm or supplier, or producer undertakes in purchasing or hiring factor of production or factor services.