Question

what is total cost?
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Answer 1

Answer:

In economics, total cost is the cost function that produces the minimum amount of costs associated with producing a vector of outputs. This happens when the firm also faces a set of exogenous input prices.

Answer 2

Answer:

In economics, total cost is the cost function that produces the minimum amount of costs associated with producing a vector of outputs. This happens when the firm also faces a set of exogenous input prices.