Production & Costs

I. 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. Guidelines for Submission: Part I Milestone Two should adhere to the following formatting requirements: 3–4 pages (not including cover page or appendix), double-spaced, using 12-point Times New Roman font and the most current guidelines for APA formatting. Critical Elements Proficient (100%) Needs Improvement (75%) Not Evident (0%) Value Production and Costs: Inputs and Costs Describes three key inputs and fixed and variable costs involved in the production of chosen product or service Describes three key inputs and fixed and variable costs involved in the production of chosen product or service but with gaps in accuracy or detail Does not describe three key inputs and fixed and variable costs involved in the production of chosen product or service 30 Production and Costs: Analyze the Factors Analyzes factors that impact the choice of inputs to produce chosen product or service Analyzes factors that impact the choice of inputs to produce chosen product or service but with gaps in accuracy or detail Does not analyze factors that impact the choice of inputs to produce chosen product or service 30 Production and Costs: Decisions Proposes appropriate production decisions based on analysis, supporting response with examples or data Proposes production decisions based on analysis, supporting response with examples or data but decisions are not appropriate based on analysis or lack detail or support Does not propose production decisions based on analysis 30 Articulation of Response Submission has no major errors related to citations, grammar, spelling, syntax, or organization Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas 10      

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