Question

(h) What do you mean by Total Cost ?​

Answer 1

Explanation:

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:

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

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