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Isocost equation - PowerPoint PPT Presentation

Cost of Production

Cost of Production. CHAPTER. 7. Value of input services that are used in production but not purchased in a market. IMPLICIT COST. Total cost of production of a good that includes direct and indirect costs. SOCIAL COST. The value of a resource in its next best use. OPPORTUNITY COST.

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Isocost equation - PowerPoint PPT Presentation

Cost of Production