If you remember the topic of online grocery shopping hours being extended to 24 hours/day for the corporation Walmart as my topic. I am working toward the next phase of this project and would love your input on this section. Please be as detailed as possible as I am coordinating my research of next 5 chapters for this week and next weeks lab assignments, which will play into this paper.
First, it describes three key inputs (or factors of production) and fixed and variable costs involved in the production of your chosen product or service. Second, it analyzes the factors that impact your choice of inputs to produce the chosen product or service. Third, it examines the production decisions that you would make based on the analysis of the factors impacting the choice of inputs to produce the chosen product or service.
1. 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.
2. 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?
3. Based on this analysis, what production decisions would you make? Be sure to support your decisions with examples or data.
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