Briefly explain the concept of the Cost Function.

1.	Briefly explain the concept of the Cost Function.
Answer» Cost Function shows the functional relationship between output and cost of production. It gives the least cost combination of inputs corresponding to different levels of output. Cost function is given as: C = f(X), ceteris paribus C = Cost X = Output

Answer»

Cost Function shows the functional relationship between output and cost of production. It gives the least cost combination of inputs corresponding to different levels of output. Cost function is given as:

C = f(X), ceteris paribus

C = Cost

X = Output

Discussion

No Comment Found

Related InterviewSolutions

What were the two main occupations of the Rig Vedic Aryans?
Name the two political institutions which exercised check on the powers of the King in the Rig Vedic period.
What w’as the position of women in the Rig Vedic age ?
Describe the social life of the Rig Vedic Aryans with reference to the following: (a) The Family Structure (b) Position of Women (c) Varna System
With reference to the following explain the main features of the Rig Vedic Economy: (a) Agriculture (b) Domestication of Animals (c) Trade Transactions, Crafts and Transportation
Mention any two archaeological sources to reconstruct the later Vedic Age.
Mention any two of the Ashrams in the life of a man in Aryan society.
What information do we gather from the later Vedic literature in respect of: (a) Spread of Vedic Civilization to many New Regions. (b) Role of Iron in later Vedic Economy.
Mention briefly the rituals and sacrifices of the later Vedic Aryans?
What is the message of the Bhagavad Gita?

Briefly explain the concept of the Cost Function.

Discussion

No Comment Found

Related InterviewSolutions

Reply to Comment