Question: What do vou mean by cost function and for what purpose does it serve for? What are the various methods used to estimate cost functions?

What do vou mean by cost function and for what purpose does it serve for? What are the various methods used to estimate cost functions? Explain each method with suitable numerical

examples.

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A cost function is a mathematical function that relates the cost of producing a certain quantity of goods to the factors that influence that cost such ... View full answer

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