This concept of the Macroeconomics I came across while reading the NCERT solution for class 12 Economics. Does anyone here knows the solution for this question? Easy language preferred.
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This concept of the Macroeconomics I came across while reading the NCERT solution for class 12 Economics. Does anyone here knows the solution for this question? Easy language preferred.
Cost function shows working relation between output and cost of production. It tells that change in output leads to change in cost of production.
Here cost is function of output. Cost function is expressed as C = f(q) where C = Cost of production, q = output, f = function.