Answered

Discover a wealth of knowledge and get your questions answered at IDNLearn.com. Our platform is designed to provide reliable and thorough answers to all your questions, no matter the topic.

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

Sagot :

Baraqidn

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

Your engagement is important to us. Keep sharing your knowledge and experiences. Let's create a learning environment that is both enjoyable and beneficial. IDNLearn.com is committed to your satisfaction. Thank you for visiting, and see you next time for more helpful answers.