Question

Total cost is the cost of​ _____ by a firm. Total fixed cost is the cost of the​ _____ - the cost of​ _____, _____, and​ _____. Total variable cost is the cost of the​ _____ - the cost of​ _____.

Answer 1

Total cost is the cost of all expenditures incurred by a firm. Total fixed cost is the cost of the total costs - the cost of variable inputs, prime cost and direct cost. Total variable cost is cost of the total cost - the cost of total fixed cost.

Step-by-step explanation:

Answer 2

Total cost is the cost of all expenditures incurred by a firm. Total fixed cost is the cost of the total costs - the cost of variable inputs, prime cost and direct cost. Total variable cost is cost of the total cost - the cost of total fixed cost.

Step-by-step explanation:

Total cost is the cost of all expenditures incurred by a firm. Total fixed cost is the cost of the total costs - the cost of variable inputs, prime cost and direct cost. Total variable cost is cost of the total cost - the cost of total fixed cost.