If a firm wants to determine total cost, it needs
A)to add its variable costs to its fixed costs.
B)the prices of inputs and of output.
C)the variable cost per unit.
D)the production function and the price of its output.

Question

Quizplus · Accepted Answer

To determine total cost, a firm needs to add its variable costs (costs that vary with the level of output) to its fixed costs (costs that do not vary with the level of output).

If a Firm Wants to Determine Total Cost, It Needs