(See Solution) [Cost Function] If an output level Q1 can be produced at a cost of C1, then it must also be possible to produce Q1 at a cost of C1 + $1 (possibly

Question: [Cost Function]

If an output level Q1 can be produced at a cost of C1, then it must also be possible to produce Q1 at a cost of C1 + $1 (possibly by being less efficient), or C1 + $2, and so on. Thus it would seem that output Q does not uniquely determine the total cost C. If so, to write the total cost, C = f (Q) would violate the definition of a function. How, in spite of this logic, would you justify the use of the function C = f (Q)?

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(See Solution) [Cost Function] If an output level Q1 can be produced at a cost of C1, then it must also be possible to produce Q1 at a cost of C1 + $1 (possibly

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