Using the table, determine the total cost of producing 54 units. ||Q||FC||VC |0|500|0 |8|500|250...

Question:

Using the table, determine the total cost of producing 54 units.

QFCVC
05000
8500250
17500500
27500750
405001000
545001250
665001500
765001750
845002000
915002250
965002500

A. $ 1,250

B. $ 500

C. $ 2,000

D. $ 1,750

Total Cost:

In the context of economics and finance, the total costs incurred by a firm may be categorized into two high-level areas, namely, fixed costs and variable costs. Sometimes, there might also be mixed costs related to utilities or equipment. Such costs are usually bifurcated into fixed cost component or variable cost component.

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Total Cost in Economics: Definition & Formula

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Chapter 3 / Lesson 16
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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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