Alyssa makes sweaters in her home. She started with just some knitting needles and yarn and was able to knit 55 sweaters per year. Now some local stores have expressed interest in her designs and have offered to buy her sweaters for $30 each. This makes it worthwhile for her to invest in some capital; in particular, she could produce many more sweaters if she invested in one or more looms, as shown in the following table.

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Explicit and Implicit Cost Analysis

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