Using the table, determine the total cost of producing 54 units. ||Q||FC||VC |0|500|0 |8|500|250 |17|500|500 |27|500|750 |40|500|1000 |54|500|1250 |66|500|1500 |76|500|1750 |84|500|2000 |91|500|2250 |96|500|2500 A. $ 1,250 B. $ 500 C. $ 2,000 D. $ 1,750

Question:

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

Q	FC	VC
0	500	0
8	500	250
17	500	500
27	500	750
40	500	1000
54	500	1250
66	500	1500
76	500	1750
84	500	2000
91	500	2250
96	500	2500

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

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