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All of the following are true about health except that:
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.
Short-run Cost Function
The costs a company incurs in the production of goods or services within a short period, considering some inputs are fixed.
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