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Question

what are least cost combinations of inputs ?

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Solution

Hey Amandeep!

The cost function depicts the least cost combination of inputs (i.e. the inputs which are used by the firm are of minimum cost to the firm) associated with different output levels. The functional relationship between the cost of production and the output is called the cost function. It is expressed as
C = f(Q _x)

Where,

C = Cost of production

Q _x= Units of output x produced

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