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Q: Total cost
A: In economics and cost accounting, total cost (TC) describes the total economic cost of production and is made up of variable costs, which vary according to the quantity of a good produced and include inputs such as labor and raw materials, plus fixed costs, which are independent of the quantity of a good produced and include inputs (capital) that cannot be varied in the short term, such as
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Asked 8/23/2012 10:42:58 AM
Updated 6/26/2015 1:20:41 PM
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Edited by sujaysen [6/26/2015 1:20:41 PM]
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In economics and cost accounting, total cost (TC) describes the total economic cost of production and is made up of variable costs, which vary according to the quantity of a good produced and include inputs such as labor and raw materials, plus fixed costs, which are independent of the quantity of a good produced and include inputs (capital) that cannot be varied in the short term, such as buildings and machinery.
Added 6/26/2015 10:24:58 AM
This answer has been confirmed as correct and helpful.
Confirmed by sujaysen [6/26/2015 1:20:42 PM]
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