Answer to Question #30061 in Microeconomics for avneel

Question #30061
how we calculate total cost when output and labor is given only
Expert's answer
In economics, and cost accounting, total cost (TC) describes the total economic cost of production and is made up of variable costs, which vary
according to the quantity of a good produced and include inputs such as labor
and raw materials, plus fixed costs, which are independent of the quantity of a
good produced and include inputs (capital) that cannot be varied in the short
term, such as buildings and machinery. Total cost in economics includes the
total opportunity cost of each factor of production as part of its fixed or
variable costs.

Use the fixed cost to multiply the total numbers of output per unit this in
turn gives you the total variable cost per unit produced by x the number
quantity of labor employed.

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!


No comments. Be the first!

Leave a comment

Ask Your question

New on Blog