Different between toal cost of production and total variable cost
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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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Answer: Total Cost: It refers to total expenditure incurred by a firm on a consumption of a commodity.
Total Variable Cost: It refers to those cost which changes directly with the level of output. For example: Purchases of raw materials, power, fuels n wages
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