Briefly explain the concept of the cost function.

1.	Briefly explain the concept of the cost function.
Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :The relation between cost and output is <a href="https://interviewquestions.tuteehub.com/tag/known-534098" style="font-weight:bold;" target="_blank" title="Click to know more about KNOWN">KNOWN</a> as 'cost function'. Cost function refers to the <a href="https://interviewquestions.tuteehub.com/tag/functional-466801" style="font-weight:bold;" target="_blank" title="Click to know more about FUNCTIONAL">FUNCTIONAL</a> relationship between cost and output. It is <a href="https://interviewquestions.tuteehub.com/tag/expressed-7259249" style="font-weight:bold;" target="_blank" title="Click to know more about EXPRESSED">EXPRESSED</a> as :c=f (q)[where: C= cost of production; q= Quantity of output; f=Functional relationship</body></html>

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