Question

define total cost, fixed cost, variable cost with the help of graph​

Answer 1

Answer:

Fixed costs do not account for the number of goods or services a company produces

Variable costs and total costs depend on the number of goods or services a company produces.

Total costs are composed of both total fixed costs and total variable costs. Total fixed costs are the sum of all consistent, non-variable expenses a company must pay

Answer 2

Total cost, fixed cost, variable cost, etc. are very important concepts in economics.

Explanation:

1. Total costs are the costs or expenditures that are incurred by a business for acquiring various assets and carrying out its operations. Total costs are sum total of fixed costs and variable costs of a business.
2. Variable costs are the expenditures incurred by a business firm in acquiring and maintaining variable factors such as labor, raw material, etc. These costs are not fixed and keep on changing.
3. Fixed costs are the costs that are already determined and fixed. These do not change. Rent, monthly bills etc. are fixed costs.