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- Total_cost abstract "In economics and cost accounting, total cost (TC) describes the total economic cost of production and is made up of variable costs, which vary according to the quantity of a good produced and include inputs such as labor and raw materials, plus fixed costs, which are independent of the quantity of a good produced and include inputs (capital) that cannot be varied in the short term, such as buildings and machinery. Total cost in economics includes the total opportunity cost of each factor of production as part of its fixed or variable costs.The rate at which total cost changes as the amount produced changes is called marginal cost. This is also known as the marginal unit variable cost.If one assumes that the unit variable cost is constant, as in cost-volume-profit analysis developed and used in cost accounting by the accountants, then total cost is linear in volume, and given by: total cost = fixed costs + unit variable cost * amount.The total cost of producing a specific level of output is the cost of all the factors of input used. Conventionally, economists use models with two inputs: capital, K; and labor, L. Capital is assumed to be the fixed input, meaning that the amount of capital used does not vary with the level of production. The rental price per unit of capital is denoted r. Thus, the total fixed costs equal Kr. Labor is the variable input, meaning that the amount of labor used varies with the level of output. In fact, in the short run, the only way to vary output is by varying the amount of the variable input. Labor is denoted L and the per unit cost, or wage rate, is denoted w, so the total variable costs is Lw. Consequently, total cost is fixed costs (FC) plus variable cost (VC), or TC = FC + VC = Kr +wL.Other economic models have the total variable cost curve (and therefore total cost curve) illustrate the concepts of increasing, and later diminishing, marginal returns.In marketing, it is necessary to know how total costs divide between variable and fixed. \"This distinction is crucial in forecasting the earnings generated by various changes in unit sales and thus the financial impact of proposed marketing campaigns.\" In a survey of nearly 200 senior marketing managers, 60 percent responded that they found the \"variable and fixed costs\" metric very useful.".
- Total_cost thumbnail CVP-TC-FC-VC.svg?width=300.
- Total_cost wikiPageID "2346875".
- Total_cost wikiPageLength "4315".
- Total_cost wikiPageOutDegree "21".
- Total_cost wikiPageRevisionID "668957632".
- Total_cost wikiPageWikiLink Capital_(economics).
- Total_cost wikiPageWikiLink Category:Costs.
- Total_cost wikiPageWikiLink Category:Microeconomics.
- Total_cost wikiPageWikiLink Cost_accounting.
- Total_cost wikiPageWikiLink Cost_curve.
- Total_cost wikiPageWikiLink Cost–volume–profit_analysis.
- Total_cost wikiPageWikiLink Economic_cost.
- Total_cost wikiPageWikiLink Economics.
- Total_cost wikiPageWikiLink Fixed_cost.
- Total_cost wikiPageWikiLink Marginal_cost.
- Total_cost wikiPageWikiLink Marginal_return.
- Total_cost wikiPageWikiLink Marketing.
- Total_cost wikiPageWikiLink Opportunity_cost.
- Total_cost wikiPageWikiLink Semi-variable_cost.
- Total_cost wikiPageWikiLink Total_cost_of_acquisition.
- Total_cost wikiPageWikiLink Total_cost_of_ownership.
- Total_cost wikiPageWikiLink Variable_cost.
- Total_cost wikiPageWikiLink File:CVP-TC-FC-VC.svg.
- Total_cost wikiPageWikiLink File:Kostukurba_01-en.svg.
- Total_cost wikiPageWikiLinkText "Total (Economic) Cost".
- Total_cost wikiPageWikiLinkText "Total cost".
- Total_cost wikiPageWikiLinkText "total (economic) cost".
- Total_cost wikiPageWikiLinkText "total cost".
- Total_cost wikiPageUsesTemplate Template:Reflist.
- Total_cost subject Category:Costs.
- Total_cost subject Category:Microeconomics.
- Total_cost type Microeconomic.
- Total_cost type Redirect.
- Total_cost comment "In economics and cost accounting, total cost (TC) describes the total economic cost of production and is made up of variable costs, which vary according to the quantity of a good produced and include inputs such as labor and raw materials, plus fixed costs, which are independent of the quantity of a good produced and include inputs (capital) that cannot be varied in the short term, such as buildings and machinery.".
- Total_cost label "Total cost".
- Total_cost sameAs Q1289588.
- Total_cost sameAs تكلفة_كلية.
- Total_cost sameAs Omkostningsfunktioner_og_-kurver.
- Total_cost sameAs Gesamtkosten.
- Total_cost sameAs Bendros_sąnaudos.
- Total_cost sameAs m.075jb8.
- Total_cost sameAs Общие_затраты.
- Total_cost sameAs Total_kostnad.
- Total_cost sameAs Валові_витрати.
- Total_cost sameAs Chi_phí_sản_phẩm.
- Total_cost sameAs Q1289588.
- Total_cost wasDerivedFrom Total_cost?oldid=668957632.
- Total_cost depiction CVP-TC-FC-VC.svg.
- Total_cost isPrimaryTopicOf Total_cost.