Description in mathematical form to represent changes in cost, with level of activity related to that cost is classified as

Solution (By Examveda Team)

Description in mathematical form to represent changes in cost, with level of activity related to that cost is classified as cost function. A cost function is a function of input prices and output quantity whose value is the cost of making that output given those input prices, often applied through the use of the cost curve by companies to minimize cost and maximize production efficiency.