Costs of production are associated with supply. Producers supply products and consumers demand products. As you think about this exercise, you should think like the producer, not the consumer. As the producer of a good or service, you want to be able to produce your product at the lowest total cost to you, while maintainingquality. Your goal as a producer (supply) is to maximize your total profit. You are in business to make money!

Although Lindsey Wilson College is NOT in business to make money, they do produce a product (higher education) and they must consider the costs of producing this product. Consider the costs associated with producing a seated microeconomics class and an online microeconomics class. What costs would be implicit and what costs would be explicit by delivery method? What about the fixed costs and the variable costs? What's the marginal cost of enrolling one more student in each type of delivery method? Note: you do not need to use dollar values in your analysis.

For this discussion, you are the producer NOT the consumer. The fact that you have to purchase a laptap or a textbook has nothing to do with the cost of production.

Also please use 2 sources.