Cost functions are derived from ______ functions.
Consumption
Investment
Demand
Production
Answers
Answered by
6
Answer:
ᴛʜᴇ ᴄᴏꜱᴛ ꜰᴜɴᴄᴛɪᴏɴ ɪꜱ ᴀ ᴅᴇʀɪᴠᴇᴅ ꜰᴜɴᴄᴛɪᴏɴ ꜱɪɴᴄᴇ ɪᴛ ɪꜱ ᴏʙᴛᴀɪɴᴇᴅ ꜰʀᴏᴍ ᴛʜᴇ ᴘʀᴏᴅᴜᴄᴛɪᴏɴ ꜰᴜɴᴄᴛɪᴏɴ. ᴛᴏᴛᴀʟ ᴄᴏꜱᴛ ɪꜱ ᴛʜᴇ ᴄᴏꜱᴛ ɪɴᴄᴜʀʀᴇᴅ ᴛᴏ ᴘʀᴏᴅᴜᴄᴇ ᴀ ɢɪᴠᴇɴ ʟᴇᴠᴇʟ ᴏꜰ ᴏᴜᴛᴘᴜᴛ ɪɴ ᴛʜᴇ ꜱʜᴏʀᴛ ʀᴜɴ ʙʏ ᴜᴛɪʟɪᴢɪɴɢ ʙᴏᴛʜ ᴛʜᴇ ꜰɪxᴇᴅ ᴀɴᴅ ᴛʜᴇ ᴠᴀʀɪᴀʙʟᴇ ꜰᴀᴄᴛᴏʀꜱ. ... ᴛʜᴇ ʟᴏɴɢ-ʀᴜɴ ᴄᴏꜱᴛ ᴄᴜʀᴠᴇꜱ ᴀʀᴇ ꜰᴏʀᴍᴇᴅ ʙʏ ᴛʜᴇ ꜱʜᴏʀᴛ-ʀᴜɴ ᴄᴏꜱᴛ ᴄᴜʀᴠᴇꜱ.
⤵️Follow Me...
Answered by
2
Answer:
The cost function is the derived function
since it is obtained from a production
function.Total cost is the cost incurred
to produce a given level of output
in a short run by utilising both fixed at
the variable factors.
I hope it helps you ☺️
Similar questions