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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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