Question

4. Define total cost​

Answer 1

Answer:

Definition: The Total Cost is the actual cost incurred in the production of a given level of output. ... The total cost includes both the variable cost (that varies with the change in the total output) and the fixed cost (that remains fixed irrespective of the change in the total output).

Answer 2

Answer:

total cost is the cost function that produces the minimum amount of costs associated with producing a vector of outputs. This happens when the firm also faces a set of exogenous input prices.

Explanation:

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