Total cost is obtain by?
- adding up the marginal cost at each level
- dividing the total cost of output at each level
- adding up the average variable cost at each level
-
adding up the total variable cost and total fixed cost
The correct answer is: D
Explanation
Total cost refers to the total expense incurred in reaching a particular level of output. TC (total cost) = TFC (total fixed cost) + TVC (total variablecost).