Copyright

Define and know how to calculate total cost.

Question:

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.

Answer and Explanation: 1

Become a Study.com member to unlock this answer!

View this answer

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...

See full answer below.


Learn more about this topic:

Loading...
Total Cost in Economics: Definition & Formula

from

Chapter 3 / Lesson 16
194K

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.


Related to this Question

Explore our homework questions and answers library