Explain the concept of total fixed cost total variable cost and total cost?
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1)total fixed cost:- refers to the cost which don't vary directly with the level of output.
2)total variable cost:- refers to the cost which vary directly with the level of output.
3)total cost:- is the summation of total fixed cost and total variable cost.
(For further explanation refer “Cost” chapter of Microeconomics of class 12)
2)total variable cost:- refers to the cost which vary directly with the level of output.
3)total cost:- is the summation of total fixed cost and total variable cost.
(For further explanation refer “Cost” chapter of Microeconomics of class 12)
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