Economy, asked by Anonymous, 1 month ago

Write the meaning of cost function of firm???
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Answers

Answered by Champ7781
3

Explanation:

The cost function measures the minimum cost of producing a given level of output for some fixed factor prices. The cost function describes the economic possibilities of a firm. Cost functions are important in studying the determination of optimal output choices.

Answered by missangel9427
7

The cost function measures the minimum cost of producing a given level of output for some fixed factor prices. The cost function describes the economic possibilities of a firm. Type of Short-run cost functions: Average (total) costs.

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