Cost of Production

This lesson covers the concept of cost in economics, focusing on the cost of production. It explains different types of costs, such as fixed and variable costs, and discusses the factors of production that contribute to overall costs.

• 16:04 “you calculate your worth, your total cost, please take note, your total cost here is going to be worth, it's going to be fixed cost, plus worth, plus variable cost, okay, remember the first one I get to you is worth, is...”
• 17:46 “okay, is your worth, is your total cost, the combination of fixed cost and variable cost, is not worth that, so without wasting time, let's move to the next one, and this is average cost, average cost, when we say averag...”
• 18:32 “the cost, what will be the cost, so remember, let's assume, that's what, you are having on an error, as the worth, as a cost of a bag, and then you know, you quantity you have in the bag is worth, is 20, so for you to kn...”