Question

total cost represent the total expenditure of a firm
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Answer 1

Answer:

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The sum of the price paid for one or more products or services multiplied by the amount of each item purchased. Many business managers operate under the idea that changes in a consumer's total expenditure can be affected by price, but the nature of this relationship depends on the relative price elasticity of demand that can vary considerably for different products and services.

Total Cost is the total expenditure incurred by a firm.