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...Module cost of production producer s behaviour notes analysis is the life line modern business it cannot be ignored at any for success organisation on anlysis required a can supply produce product by organising factors produciton that means has to hire or purchase land labour capital etc paying price so firm must incur some expenditure and involved called this lesson aimed discussing aspect objectives after completing you will able z define distinguish between meaning as used in economics explain importance various concepts such explicit implicit normal profit fixed costs variable find out total average marginal definition function defined incurred order know are entrepreneurship process entrepreneur organises raw materials output he she pay rent wages interest procure also compensated his her services which factor besides these incurs electricity water depreciation goods machines indirect taxes uses certain supplied own self imputed value inputs form part since who produces we say inc...