In the standard cost formula y = a + bx, the "y" represents the total cost.
What is the total cost?
- Total cost (TC) in economics is the least expensive way to produce a certain amount of output.
- This is the total cost of production and consists of fixed cost, which is independent of the quantity of a good produced and includes inputs like buildings and machinery, possibly including sunk costs, and variable cost, which varies depending on the quantity of a good produced and includes inputs like labor and raw materials.
- In economics, the total cost of each item of production includes the entire opportunity cost (benefits from the next-best alternative) as one of its fixed or variable costs.
- Marginal cost is the incremental total cost incurred by a further unit of production.
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