Total Cost
Definition
Fixed cost plus variable cost — all production costs at a given output. Decomposed for marginal/average analysis.
Example
$1,000 fixed + $5 per unit × 100 units = $1,500 total cost.
Fixed cost plus variable cost — all production costs at a given output. Decomposed for marginal/average analysis.
$1,000 fixed + $5 per unit × 100 units = $1,500 total cost.