Tabaq sells roasted coffee. The information about their production of coffee is given below: Labor Quantity of Output Marginal Physical Product of Labor (1) Total Fixed Cost Total Variable Cost Total Cost (2) Marginal Cost (3) 0 0   30 0     2 18   30 30     4 37   30 50     6 57   30 70     8 76   30 90     10 94   30 110        Write down the formulas for all the calculations in the table above, from columns 1 – 3

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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.