Cost functions are also known as ______ function. - Economics | Shaalaa.com

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SOLVED: Cost Function: The simplest cost function is the linear cost function C(x) = mx b, where the y-intercept represents the fixed cost of operating a business and the slope m represents the variable costs. Suppose that a small bicycle manufacturer has daily fixed costs of 1500 and each bicycle costs550 to manufacture.Write a linear function that expresses the cost of manufacturing bicycles in a day:C(x) = 550x 1500

Definition of cost function

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