maroonant421Lv1
23 Nov 2021
Problem 4
Page 182
Section SELF: CHECK QUESTIONS
Chapter 7: Production, Costs, and Industry Structure
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23 Nov 2021
Introduction
Total cost refers to the total costs made by the firm and includes both fixed and variable cost. So, the formula to calculate the total cost is Fixed Cost + Variable Cost= Total Cost
Profits/ Losses = Revenue – Costs
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