Total cost
What Total cost means in Economics B A-Level, as defined for Pearson Edexcel.
Definitions of Total cost
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Check what you remember
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Reference: Pearson Edexcel
Fixed costs plus variable costs, used with total revenue to work out total profit.
The sum of fixed and variable costs, calculated as TC = FC + VC.
Topics that use Total cost
- Appendix 3: Quantitative skills (Pearson Edexcel A-Level)
- Revenue and costs (Pearson Edexcel A-Level)
Related terms
- Average cost
- Base year
- Cross elasticity of demand
- Data interpretation
- Fixed costs
- Fraction
- Income elasticity of demand
- Index numbers
Using Total cost in the exam
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