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What does total cost include?
  • a)
    Only variable cost
  • b)
    Only fixed cost
  • c)
    Both variable and fixed cost
  • d)
    None of these
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
What does total cost include?a)Only variable costb)Only fixed costc)Bo...
  • The Total Cost is the actual cost incurred in the production of a given level of output.
  • The total cost includes both the variable cost (that varies with the change in the total output) and the fixed cost (that remains fixed irrespective of the change in the total output).
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