Examlex
A currency has depreciated in value if it takes more of a foreign currency to buy it.
Production Function
An equation that specifies the output that a firm can produce with varying combinations of inputs, such as labor and capital.
Supply Function
A mathematical relationship that describes the quantity of goods that producers are willing and able to sell at different prices.
Cost Function
A mathematical formula used to calculate the total cost incurred by a company to produce a given level of output.
Maximizing Profits
The process by which a company determines the price and production level that generates the most profit.
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