Question

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Define total fixed cost and total variable cost respectively.
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Answer 1

Answer:

Total fixed cost (TFC) is that cost which does not change with a change in the level of output. Total variable cost (TVC) is that cost which changes as the level of output changes. Total cost (TC) is the sum of total fixed cost and total variable fixed cost.

Step-by-step explanation:

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Answer 2

Total fixed cost :

The Term Total fixed cost refers to that term which is the total sum of all fixed related and associated with a business.In other word we can say that is that cost which is incurred by a firm on a fixed factor of productions

Example : Rent and Insurance

Variable cost:

The Variable cost refer to that term In other word we can say is that cost which is incurred by a firm on a variable factor of productions. It is also known as prime cost or direct cost These cost is zero when production is zero

Example: Raw Materials