Loss (error) function:
The loss function measures the discrepancy between the prediction (𝑦̂(𝑖)) and the desired output (𝑦(𝑖)).In other words, the loss function computes the error for a single training example.
Cost function:
The cost function is the average of the loss function of the entire training set. We are going to find the
parameters 𝑤 𝑎𝑛𝑑 𝑏 that minimize the overall cost function.