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