Total cost is obtain by - WAEC Economics 2015 Question
Total cost is obtain by?
A
adding up the marginal cost at each level
B
dividing the total cost of output at each level
C
adding up the average variable cost at each level
D
adding up the total variable cost and total fixed cost
correct option: d
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).
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