Introduction to Economics 1 Deneme Sınavı Sorusu #1144484
What is the formula for total cost?
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The formula is is equal to total cost (TC) divided by the number of units of a good produced. |
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The formula is to find it, divide the total cost (TC) by the quantity the firm is producing (Q). |
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Total Cost (TC) The total fixed cost plus the total variable cost. |
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The formula is by dividing the total variable costs by the number of units produced. |
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The formula is a constant amount per unit produced. |
The total cost is the economic cost of all the resources, including the cost of entrepreneurship which is called normal profit. To keep the analysis simple, however, we have assumed the firm uses only two resources, labor (L) and a given amount of capital (K), in the short run. The production technology is represented by the following production function:
Q = f (L, K)
Total Cost (TC) The total fixed cost plus the total variable cost.
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