This can be raw materials like iron or aluminium, that can be refined in blast furnaces to give a purer metal. This can then be used to manufacture things like cars. The car is then the product of the raw material.
if there's no raw material, then no finished product will be produced.
Raw materials are the materials used to make a finished product. One example would be that mud, water and straw can be combined to make a house. The mud, water and straw are the raw materials, the house is the finished product.
The relationship between the factors and the product is that they are both fractions.
Materials(the cost of the raw materials used in the product) Labour(the cost in employing workers to manufacture the product) Transportation(the costs associated with both the transportation of the materials and of the finished product)
The ratio of raw materials to product is called the material yield ratio. It measures the efficiency of converting raw materials into finished products.
This is the cost of materials which become part of the finished product.
The scope of production planning is to ensure that you have enough raw materials and manpower to build the finished product. It should be based on estimated demand for the finished product.
The product establishes the cost curve or the relationship between costs and outputs. Costs are influenced by the need and function of a certain product.
what is the relationship between marginal physical product and marginal cos
parallel
conversion costs
they are different life stages of the same entity. An analogy would be that they are like an adult and the adult as a child. Different stages of the life cycle.