Total cost is obtain by?

Economics

WAEC 2015

A. adding up the marginal cost at each level
B. dividing the total cost of output at each level
C. adding up the average variable cost at each level
D. adding up the total variable cost and total fixed cost

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Correct Answer: Option 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).

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Total cost is obtain by?

Correct Answer: Option D

Explanation

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