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You are here: Home / Potpourri / Economics 101: Total Cost

Economics 101: Total Cost

Economics 101: Total Cost

[This is part of the series: The Complete Guide To Economics 101.]

What is defined as a total cost?

Total Cost is the total expense related to the production of a good or service.

Total cost is the sum of Fixed Cost and Variable Cost.

This is where:

Profit = Total Revenue – Total Cost

Where:

Total Revenue = Quantity Sold * Price

And:

Total Cost = Fixed Cost + Variable Cost

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Filed Under: PotpourriTagged With: #Economics101

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