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______ shows the functional relationship between output and cost of production. -

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Question

______ shows the functional relationship between output and cost of production.

Options

  • Production function

  • Supply function

  • Cost function

  • Demand function

MCQ
Fill in the Blanks

Solution

Cost function

Explanation:

The cost function determines the functional link between output and production costs. Because cost is determined by production,

C = F(Q)

As output changes, so do cost.

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Concepts of Production Possibility Frontier
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