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One way to find the expenditure function is to first find the indirect utility function and then invert it. The indirect utility function v ( p 1 , p 2 , I ) {\displaystyle v(p_{1},p_{2},I)} is found by replacing the quantities in the utility function with the demand functions thus:
Find a bijection f : A → T such that the cost function: (, ()) is minimized. Usually the weight function is viewed as a square real-valued matrix C, so that the cost function is written down as: , The problem is "linear" because the cost function to be optimized as well as all the constraints contain only linear terms.
Intuitively, the cost function encourages facilities with high flows between each other to be placed close together. The problem statement resembles that of the assignment problem, except that the cost function is expressed in terms of quadratic inequalities, hence the name.
The marginal cost can also be calculated by finding the derivative of total cost or variable cost. Either of these derivatives work because the total cost includes variable cost and fixed cost, but fixed cost is a constant with a derivative of 0. The total cost of producing a specific level of output is the cost of all the factors of production.
A cost estimate is the approximation of the cost of a program, project, or operation. The cost estimate is the product of the cost estimating process. The cost estimate has a single total value and may have identifiable component values. A problem with a cost overrun can be avoided with a credible, reliable, and accurate cost estimate. A cost ...
Symbolab is an answer engine [1] that provides step-by-step solutions to mathematical problems in a range of subjects. [2] It was originally developed by Israeli start-up company EqsQuest Ltd., under whom it was released for public use in 2011. In 2020, the company was acquired by American educational technology website Course Hero. [3] [4]
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The total cost curve, if non-linear, can represent increasing and diminishing marginal returns.. The short-run total cost (SRTC) and long-run total cost (LRTC) curves are increasing in the quantity of output produced because producing more output requires more labor usage in both the short and long runs, and because in the long run producing more output involves using more of the physical ...