If Q represents a firm's level of output,W represents the wage paid to labour (L) and R is the cost of capital (K) ,then which of the following represents the firm's cost function?
A) C(Q) = FC + VC(Q)
B) C(Q) = FC(Q) + VC(Q)
C) C(Q) = WL + RK
D) C(Q) = (W + R) Q
Correct Answer:
Verified
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