Two types of trucks are available for transportation use. They are needed for 10 years. The details are given in the table below. Determine the best alternative using the present worth method with i=18%?. Also, apply the future worth method to select the alternative for the same data? First cost Estimated Annual Maintenance Cost Estimated life Estimated salvage value Truck A 10,00,000 20,000 5 years 2,00,000 Truck B 15,00,000 15,000 10 years 5,00,000

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Cost of Production

In economic theory, production costs are the costs incurred by an industrial organization when it engineers a project or provides a service that generates revenue and benefits. Labor costs, raw materials, consumable manufacturing costs, and general overhead sum up, accounting for production costs. Total cost data is calculated by combining total direct costs of materials, labor costs, and total production costs.