Examlex
The buying behaviors exhibited by members of the different classes are homogeneous and exclusive.
Cost-output Elasticity
Cost-output elasticity measures the responsiveness of production costs to changes in the quantity of output produced, indicating how cost-efficiently a firm can adapt to changes in production volume.
Long-run Cost Function
Refers to a firm's costs of production when all inputs, including capital, are variable and can be adjusted.
Cost-output Elasticity
A measure of how responsive the total cost of production is to a change in the quantity produced.
Long-run Cost Function
A representation of the relationship between output and the cost of production when all inputs, including capital, can be varied.
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