The total cost function c(w1, w2, y)expresses the cost per unit of output as a function of input prices and output.

Name: The total cost function c(w1, w2, y)expresses the cost per unit of output as a function of input prices and output.
Brand: Quizplus
Rating: 4.9 (40 reviews)

Question

Quizplus · Accepted Answer

The total cost function c(w1, w2, y) expresses the total cost of production as a function of input prices (w1, w2) and output level (y), not the cost per unit of output.

The Total Cost Function C(w1, W2, Y)expresses the Cost Per