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Explain the relationships between a firm’s short-run production function and its short-run cost
function

Sagot :

Baraq

Answer:

The answer is below

Explanation:

The relationships between a firm’s short-run production function and its short-run cost function can be explained by considering the firm's short-run cost function as a form of closely related but opposite in direction of its production function.

This implies that when the firm's short-run cost function increases its marginal product, its marginal cost decreases, and in contrast, when its marginal product decreases its marginal cost commences to increase

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