Question

Difference between production function and cost function

Answer 1

Answer:

The production function show the quantity of output we obtain from quantity of input.

The cost function simply the sum of the cost of the inputs for the blend of inputs that is least experience

Answer 2

The cornerstones of business and managerial economics are production and cost functions. A production function is a mathematical relationship that reflects the key characteristics of the technology that an organisation uses to transform resources like land, labour, and capital into goods or services like steel or cement. A cost function is a mathematical connection that connects an organization's expenses to the amount of output it produces and the unit prices it pays.