Question

Briefly explain the concept of cost function economics

Answer 1

Concept of cost function economics:

• A cost function of economics is the basic function that involves the input prices and output which is the quantity whose value is equivalent to the cost of making that output given the prices of input.

• The cot function economics is normally shown and applied through the usage of the cost curve by the enterprises.  

• It helps them to understand the scenario and they use it to reduce the cost and increase in their production efficiency.  

• Cost is an important part of economics since economics is a study of the choices to be made.

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