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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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