What is Cost function? Determinants of Costs.

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written 2.9 years ago by

prajapatijaimin • 3.3k

Solution:

Cost Function:

The cost function is derived from the production function. The time factor is very important in cost theory. The short-run costs are the costs over a period during which some factors of production are fixed.
The long-run costs are the costs over a period long enough to …

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