Describe three key inputs (or factors of production) and fixed and variable costs involved in the production of your chosen product or service.
economics
Description
Apple: iPhone/Smart phone - Production and Costs
a)
Describe three key inputs (or factors of production) and fixed and variable costs involved in the production of your chosen product or service. One example of an input is machines, which are fixed costs. Keep in mind that all inputs will either fall under fixed or variable cost.
b)
Analyze the factors that impact your choice of inputs to produce the chosen product or service. For example, how would a change in the price of raw materials impact the combination of inputs?
c)
Based on this analysis, what production decisions would you make? Be sure to support your decisions with examples or data.
