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Economics #UCP What is 'Production Cost' Production cost refers to the cost incurred by a business when manufacturing a good or providing a service. Production costs include a variety of expenses including, but not limited to, labor, raw materials, consumable manufacturing supplies and general overhead. Additionally, any taxes levied by the government or royalties owed by natural resource extracting companies are also considered production costs. BREAKING DOWN 'Production Cost' Also referred to as the cost of production, production costs include expenditures relating to the manufacturing or creation of goods or services. For a cost to qualify as a production cost it must be directly tied to the generation of revenue for the company. Manufacturers experience product costs relating to both the materials required to create an item as well as the labor need to create it. Service industries experience production costs in regards to the labor required to provide the service as well as any materials costs involved in providing the aforementioned service. In production, there are direct costs and indirect costs. For example, direct costs for manufacturing an automobile are materials such as the plastic and metal materials used as well as the labor required to produce the finished product. Indirect costs include overhead such as rent, administrative salaries or utility expenses. Deriving Unit Costs for Product Pricing To figure out the cost of production per unit, the cost of production is divided by the number of units produced. Once the cost per unit is determined, the information can be used to help develop an appropriate sales price for the completed item. In order to break even, the sales price must cover the cost per unit. Amounts above the cost per unit are often seen as profit while amounts below the cost per unit result in losses.
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1 Break-Even Analysis Marketers need to understand break-even analysis because it helps them choose the best pricing strategy and make smart decisions about the short- and long-term profitability of the product. This is an analysis that tells you how many products you need to sell to cover your costs. Profitability Profitability Definitions Revenue the money we take in from sales Cost the money it costs us to make and sell our product Profit the money we have left over from our revenue after we pay all of our costs Revenue - Costs = Profit Price the money a consumer pays for one unit of product the money we take in from one unit of product Price x Units = Revenue Revenue/Units = Price 2 Exercise 1 Product Units Sold in August Price per Unit Cost per Unit Bulletin Board 400 $3.00 $1.00 Magnetic White Board 600 $4.00 $3.00 Combination Board 250 $5.00 $3.50 Exercise 1 1. What was Stick-It-Upās total sales revenue in August? 2. What was Stick-It-Upās total profit in August? 3. What product contributed the most to sales revenue in August? What percentage of the sales revenue did it contribute? 4. What product contributed the most to profit in August? What percentage of the profit did it contribute? 5. If sales of magnetic white boards went up by 20%, how much more would it contribute to sales revenue? To profits? 6. Suppose that increasing sales of magnetic white boards by 20% would cost the company $500 per month in advertising expenses. Should they spend the $500 per month on additional advertising? Exercise 1 What was Stick-It-Upās total revenue in August? Revenue from: Bulletin Boards 400 x $3.00 $1,200.00 Magnetic White Boards 600 x $4.00 $2,400.00 Combination Boards 250 x $5.00 $1,250.00 Total Revenue $4,850.00 Product Units Sold in August Price per Unit Cost per Unit Bulletin Board 400 $3.00 $1.00 Magnetic White Board 600 $4.00 $3.00 Combination Board 250 $5.00 $3.50 3 Exercise 1 What was Stick-It-Upās total profit in August? Cost of: Bulletin Boards 400 x $1.00 $400.00 Magnetic White Boards 600 x $3.00 $1,800.00 Combination Boards 250 x $3.50 $875.00 Total Cost $3,075.00 Profit = Total Revenue - Total Cost = $4,850 - $3,075 = $1,775 Product Units Sold in August Price per Unit Cost per Unit Bulletin Board 400 $3.00 $1.00 Magnetic White Board 600 $4.00 $3.00 Combination Board 250 $5.00 $3.50 Exercise 1 What was Stick-It-Upās total profit in August? Profit on: Bulletin Boards 400 x ($3.00-$1.00) $800.00 Magnetic White Boards 600 x ($4.00-$3.00) $600.00 Combination Boards 250 x ($5.00-$3.50) $375.00 Total Profit $1,775.00 Product Units Sold in August Price per Unit Cost per Unit Bulletin Board 400 $3.00 $1.00 Magnetic White Board 600 $4.00 $3.00 Combination Board 250 $5.00 $3.50 Exercise 1 What product contributed the most to revenue in August? What percentage did it contribute? Bulletin Boards $1,200.00 Magnetic White Boards $2,400 ...
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Costs and revenues
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Costs and Revenues
Chapter 18 Section 2 Indicators used to decide how MUCH TO PRODUCE
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