WAEC - Economics (2015 - No. 18)
Total cost is obtain by?
adding up the marginal cost at each level
dividing the total cost of output at each level
adding up the average variable cost at each level
adding up the total variable cost and total fixed cost
Selitys
Total cost refers to the total expense incurred in reaching a particular level of output. TC (total cost) = TFC (total fixed cost) + TVC (total variablecost).