Costs to produce milk differs significantly â the range is from 4 to 128 US-$ per 100 kg milk. From 2000 â 2012, cost of milk production increased in all countries analysed. Cost of milk production in China is estimated 50% above the level in US and Germany.
Definition of Wages: Wages are remuneration paid to labor in return for the services rendered. Benham has defined the term wages in a restricted sense. According to him, a wage may be defined as a sum of money paid under contract by an employer to a worker in exchange for service rendered.
the PAY made to an employee for the use of his or her LABOUR as a FACTOR OF PRODUCTION. Wages are usually paid on a weekly basis, and they depend on the hourly WAGE RATE and the number of hours that constitute the basic working week. In addition, employees can add to their basic wage by working OVERTIME.