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प्रश्न
Define cost function.
उत्तर
The functional relationship between cost and output is expressed as ‘Cost Function’.
A Cost Function may be written as
C = f (Q)
Eg: TC = Q3 – 18Q2 + 91Q + 12
Where, C = Cost, and Q = quantity of output. Cost functions are derived functions because they are derived from Production Functions.
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संबंधित प्रश्न
Cost functions are also known as ______ function.
Money cost is also known as ______ cost.
Explicit costs are termed as
The costs of self–owned resources are termed as ________ cost.
The cost that remains constant at all levels of output is _____ cost.
The cost that varies with the level of output is termed as _______ cost.
Wage is an example for ________ cost of the production.
When price remains constant, AR will be ________ MR.
What do you mean by fixed cost?
Explicit Cost - Define.
Give the definition for ‘Real Cost’.
What is meant by Sunk cost?
Distinguish between fixed cost and variable cost.
State the differences between money cost and real cost.
Distinguish between explicit cost and implicit cost.
Define opportunity cost and provide an example.
