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Current Step1 of 11
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Total Cost
A typical firm faces production cost, which can be classified as two types: Fixed and Variable Cost. A firm's total cost is the sum of both costs: Total Cost (TC) = Total Fixed Cost (TFC) + Total Variable Cost (TVC).
Current Step1 of 11
1
Total Cost
A typical firm faces production cost, which can be classified as two types: Fixed and Variable Cost. A firm's total cost is the sum of both costs: Total Cost (TC) = Total Fixed Cost (TFC) + Total Variable Cost (TVC).