Cost Function

Cost Function in Accounting
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.
Minimum Cost
In economics, the term minimum cost refers to the cost objective of a firm at varying levels of output, expressed by the firm's cost function. It represents the lowest possible amount spent to produce a certain level of output while maintaining optimal efficiency.

Accounting Terms Lexicon

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