Question

what do you mean by total cost ​

Answer 1

Answer:

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).

Explanation:

For example, when using it to define production costs, it measures the total fixed, variable, and overhead expenses associated with producing a good. ... It allows the individuals to make pricing and revenue decisions based on whether total costs are increasing or decreasing.

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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