Define Total Cost as a summation of Fixed Cost and Variable Cost
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Explanation:
Total cost is the sum of fixed and variable costs. Variable costs change according to the quantity of a good or service being produced. The amount of materials and labor that is needed for to make a good increases in direct proportion to the number of goods produced. The cost “varies” according to production.
Answered by
1
Answer:
Total cost is the sum of fixed and variable costs. Variable costs change according to the quantity of a good or service being produced. The amount of materials and labor that is needed for to make a good increases in direct proportion to the number of goods produced. The cost “varies” according to production.
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