Asked by Modasola Sholotan on Jun 09, 2024
Verified
TC -TVC =
A) TFC.
B) ATC.
C) AVC.
D) AFC.
Total Cost
All expenditures related to the manufacture of goods or provision of services, integrating both unchanging and dynamic costs.
Total Variable Cost
the overall cost that varies directly with the level of production or output.
TC
Typically refers to "Total Cost," which is the complete cost of production including both fixed and variable costs.
- Understand the fundamental concepts of costs in economics including total fixed costs (TFC), total variable costs (TVC), and total costs (TC).
Verified Answer
CM
Cameron MarxenJun 11, 2024
Final Answer :
A
Explanation :
TC (Total Cost) minus TVC (Total Variable Cost) equals TFC (Total Fixed Cost). This is because Total Cost is the sum of Total Fixed Cost and Total Variable Cost.
Learning Objectives
- Understand the fundamental concepts of costs in economics including total fixed costs (TFC), total variable costs (TVC), and total costs (TC).