Examlex
When the benefits to society of using a product exceed benefits to the user,
Cost Function
An equation that calculates the total cost of production based on the quantities of inputs used.
Output
The total amount of goods or services produced by a company or a production process.
Cost Function
A mathematical relationship that describes how the costs incurred by a firm change with various levels of output.
Profit-Maximizing
A strategy or approach taken by firms to adjust their production and pricing to achieve the highest possible profit.
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