Total cost (TC) is the complete amount of money a business spends to produce a specific amount of
Tag: total cost
average cost
Average cost (AC) refers to the total cost divided by the quantity of output produced. It represents how
total revenue
Total revenue (TR) is the total amount of money a business earns from selling its goods or services.
marginal cost
Marginal cost (MC) is the extra cost a business pays to produce one additional unit of a product.