The amount of a good or service that is produced at a specific price is known as cost of production.
The cost-of-production theory of value is a concept in economics that holds that the price of a good or service is decided by the total cost of the resources used to produce it. Any production and taxing component may be included in the cost.
Production costs are the expenses a business has to pay while producing a good or offering a service that brings in money for the business. Various expenditures, including labor, raw materials, consumable manufacturing supplies, and general overhead, might be included in production costs.
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