Meaning The mathematical relationship between the cost of a product and various determinants of costs is referred to as a cost function. The dependent variable in a cost function is unit cost or total cost, while the independent variables are the price of a factor, the size of the output or capacity utilization, or any […]
MEANING OF PRODUCTION; What do you understand by production in common parlance? Well, the simple answer would be the term production is an activity of making something material. The following are the few examples of production: Growing of wheat, rice or any other agricultural crop by farmers.Manufacturing of cement, radio sets, wool machinery or any […]
