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Production and cost — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsProduction and cost3 Marks
Question
Briefly explain the concept of the cost function.
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Answer

Cost function denotes functional relationship between output and cost of production. It tells that change in output leads to change in cost of production, i.e. cost is function of output. Cost function is expressed as C = f (q) where
C = Cost of production, q = output, f = function.

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