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Total Costs in the Short Run

Total cost is...

Question

Total cost is the sum total of marginal costs.

A

True

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B

False

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Solution

The correct option is B False
Total cost, in economics, the sum of all costs incurred by a firm in producing a certain level of output.
Total Cost :(Totalfixedcosts+totalvariablecosts)

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Similar questions

State the relation between total cost and marginal cost.

Q. Marginal cost is the addition to total cost caused by a small increment in ______________.

Q. When marginal costs are below average total costs, _______________.

Total Output (Units)	Total cost (Rs)	Average Cost (Rs)	Marginal cost (Rs)
1	10	10.00	10
2	19	9.50	?
3	?	?	8
4	35	?	?
5	44	?	9
6	?	9.00	?
7	65	9.30	11
8	77	?	?

Average cost at

5 t h

Q. When marginal cost equals average total cost, ________.

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