Short Run Cost Functions
To price intelligently, management should know how costs change with a change in production. Cost functions depict relationship between the cost and the output rate. They show the minimum costs of producing various levels of output on the assumption that the firm uses the optimal or least cost combination to produce each level of output.
The short run curves are derived from the short run production curves given the factor prices. They depict variations in cost over output for plant of a given capacity. The short run costs may exceed the long run costs for this reason.
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