Production and Costs MY PROGRESS - 0% Learning Objectives Manicured House and Garden displaying annual and perennial gardens in full bloom. At the end of this exercise, you should be able to: LO 4.5: Apply production and cost theory to make better managerial decisions. Setting up the Situation You have recently taken over your family's landscaping business. Your father started the company a few decades ago but is ready to retire. The business grew incrementally for a long time, then there was a leveling-off period. The business continued to be successful, and your father was comfortable with what he had built. But recently, you have become concerned as business has stalled. If you're going to take over the company, you want it to be as successful as possible. You've decided to be more proactive in the year ahead. Your first task is to get the books in order. You need to understand your current cost structure. Your father was a great local businessman, charming and intelligent, but he didn't keep the best records. You will have to take inventory of all of your inputs and understand your short- and long-run costs in order to maximize productivity. Are you up for