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What is Production and Cost Functions Explained about?
Production functions and cost functions are mathematically related. A production function shows the relationship between inputs and outputs, while a cost function shows the minimum cost to produce a given output based on input prices. These functions are "dual" to each other, meaning their properties mirror each other. For example, economies of scale in production result in sub-proportional increases in cost for increasing output. The competitive environment of input markets also affects costs. Together, pr
- Author
- Controller Gujranwala
- Language
- EN