Describe the elements of a cost schedule

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Reference no: EM13860992

1) Describe the cost function and explain the difference between a short-run and a long-run cost function.

2) Describe the elements of a cost schedule which can be derived total, fixed, and variable costs.

3) Compare and contrast the short-run cost function and the long-run cost function and explain why economies of scale is considered to be a long-run phenomenon.

4) Use the tools of calculus to derive the short-term average cost and average variable cost functions from the total cost function.

5) Describe the various forms of production functions that are used in statistical estimation of these functions.

Reference no: EM13860992

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