Using the table, determine the total cost of producing 54 units.
A. $ 1,250
B. $ 500
C. $ 2,000
D. $ 1,750
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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fromChapter 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.