A firm's short-run cost functions depend primarily on the firm's production function and the prices of the inputs to production.

Name: A firm's short-run cost functions depend primarily on the firm's production function and the prices of the inputs to production.
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Question

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Short-run cost functions are determined by the firm's production function and the prices of inputs which are used in production. The total cost, average cost, and marginal cost curves are derived from the short-run cost function.

A Firm's Short-Run Cost Functions Depend Primarily on the Firm's