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  • February 14, 2022
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Theory of Production and Cost

7. Cost Minimization, Example of Cost functions (IES 2020), Properties of Cost function, Returns to Scale (IES 2018)

Topic discussed:

Maximization of Output subject to the Cost Constraint

Minimization of Cost for a given Level of Output

Optimal Expansion Path

Slope of an Expansion Path

Properties of Cost Functions

Cost Minimization

Past Year Ques Discussed:

Q4, IES 2020

Q6(b), IES 2018

8. Cost function and Duality (IES 2019), U-shaped AC curve (IES 2010), Derivation of LTC, LAC and LMC curves

Topic discussed:

Duality of Production and Cost Functions

Deriving the Long Run Total Cost Function and LAC Curve

Derivation of Long Run Marginal Cost

Past Year Ques Discussed:

Q12, IES 2010

Q1(b), IES 2010

Q1(b), IES 2019

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