Asked by Briana Quist on Jul 13, 2024
Verified
The shape of the total-cost curve is unrelated to the shape of the production function.
Total-Cost Curve
A graphical representation of the total costs associated with producing varying quantities of output, showing how costs change with changes in output.
Production Function
A mathematical model that represents the relationship between the input of factors of production and the output of goods or services produced.
- Comprehend the impact of the production function on cost curves and the importance of marginal product.
Verified Answer
RA
Rocio AdyleneJul 14, 2024
Final Answer :
False
Explanation :
The shape of the total-cost curve is related to the shape of the production function because the production function, which shows the maximum output that can be produced with a given set of inputs, influences how costs change as production levels change.
Learning Objectives
- Comprehend the impact of the production function on cost curves and the importance of marginal product.