Define and know how to calculate total cost.


Define and know how to calculate total cost.

Costs of Production:

Production process could be complex and involve more than one inputs. The total cost of production, therefore, could involve different components, some are variable and some are fixed.

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Total cost of production could be decomposed as the sum of fixed costs and variable costs. Fixed costs are expenses that do not vary wit the quantity...

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Total Cost in Economics: Definition & Formula


Chapter 3 / Lesson 16

What is total cost in economics? Learn how to calculate total cost using the total cost formula. See the definitions of total fixed cost and total variable cost.

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