Economics A-Level
Total cost
What Total cost means in Economics A-Level, as defined for AQA.
Definitions of Total cost
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Reference: AQA
The entire financial expense incurred to produce a specific level of output, calculated by adding total fixed and total variable costs.
The sum of Total Fixed Cost and Total Variable Cost.
Topics that use Total cost
- Costs of production (AQA A-Level)
Related terms
- Cost curve geometry
- Diminishing marginal returns
- Economies of scale
- Factor prices
- Factors of production
- Fixed and variable costs
- Fixed costs
- Long-run costs
Using Total cost in the exam
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