SELECT * FROM question_mgmt as q WHERE id=10258 AND status=1 SELECT id,question_no,question,chapter FROM question_mgmt as q WHERE courseId=3 AND subId=60 AND chapterId=610 and ex_no='1' AND status=1 ORDER BY CAST(question_no AS UNSIGNED) CBSE Free NCERT Solution of 12th micro-economics Production and Costs briefly explain the concept of the cost function

Question:

Briefly explain the concept of the cost function. 

Answer:

The functional relationship between the cost of production and the output is called the cost function. It is expressed as
C = f ( Qx )
Where,

C = cost of production
Qx =units of output x produced
In other words, the output-cost relationship for a firm is depicted by the cost function. The cost function depicts the least cost combination of inputs associated with different output levels.


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