Question

Write the meaning of cost function of firm?? and
write steps of Measures
Pls guys correct answer ☺️✌️☺️​

Answer 1

Answer:

What does the three colours of national flag represent? *

1 point

a. Justice, Selflessness, Agriculture

b. Religion, Peace, Trees

c. Sacrifice, Peace and Prosperity

d. None of these

Answer 2

• A cost function is a function of input prices and output quantity whose value is the cost of making that output given those input prices, often applied through the use of the cost curve by companies to minimize cost and maximize production efficiency

• The cost function equation is expressed as C(x)= FC + V(x), where C equals total production cost, FC is total fixed costs, V is variable cost and x is the number of units. Understanding a firm's cost function is helpful in the budgeting process because it helps management understand the cost behavior of a product.

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