what is total variable cost Total Cost Total cost TC refers to the sum of fixed and variable costs incurred in the short run Thus the short run cost can be expressed as TC TFC TVC Note that in the long run since TFC 0 TC TVC Thus we can get the shape of the TC curve by summing over TFC and TVC curves Fig 1 Source economicsdiscussion The following
Total Cost vs Fixed Cost vs Variable Cost Total cost is both the fixed cost and variable costs combined Fixed costs typically remain stagnant until schedules or contracts change Variable costs will change based on sales and production This means that total costs will also change in line with these two numbers Solution Verified by Toppr Total fixed cost TFC is that cost which does not change with change in the level of output Eg Depreciation Rent Salaries Insurance etc Total variable cost TVC is that cost which changes as the level of output changes Eg Piece Labour Rate Freight charges Outward Raw Material Cost Electricity etc
what is total variable cost
what is total variable cost
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The fixed cost is to be incurred even when output is zero Thus in the above example R s 12 is fixed cost The variable cost is the difference between total cost and fixed cost Total variable cost curve begins to with the onset of diminishing returns Medium View solution
Variable costs increase or decrease depending on a company s production volume they rise as production increases and fall as production decreases If raw material cost is Rs 10 per unit and the output is 50 units total variable cost will be Rs 500 The normal profit earned by a firm Answer The correct answer is option C By definition explicit costs or accounting costs are the costs associated with the payment of the price of various factors used in production Options a and b are the factors that the
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The variable costs are estimated to run 25 of the total revenue received If the fixed costs for the product are Rs If the fixed costs for the product are Rs 4500 Solution Verified by Toppr Correct option is C Remain constant With the increase in output the difference between total cost and total variable cost remained constant this is because the total fixed cost remains constant at every level of output The change in the total cost is only due to total variable cost and hence the difference
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what is total variable cost - The fixed cost is to be incurred even when output is zero Thus in the above example R s 12 is fixed cost The variable cost is the difference between total cost and fixed cost