For this assignment, you will submit the production and costscomponent of your microeconomic analysis paper. This milestone should be a 3–4-page paper structured as follows: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 orservice. 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.
Specifically, the following critical elementsmust be addressed:
Production and Costs
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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 factorsthat 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.