A graphical depiction of the average cost per unit to produce a product for a given level of output based on current technology and scale employed by existing firms.
A Cost Function is a formula or equation that represents how specific costs behave when visualized on a graph. It typically depicts total cost as the sum of fixed costs and variable costs.
Total cost refers to the sum of all costs incurred by a business in the production of goods or services, combining both fixed and variable costs.
Total cost represents the comprehensive expenses incurred by a firm to produce a specific level of output, encompassing both fixed and variable costs.
