Total cost
Total cost is all the costs that a firm must incur in the process of production.
Definitions
According to Principles of Economics by Timothy Taylor (3rd edition),
- Total cost. All the costs that a firm must incur in the process of production.
According to Marketing Management by Keller and Kotler (15th edition),
- Total cost. The sum of the fixed and variable costs for any given level of production.
According to Managerial Accounting by Braun, Tietz (5th edition),
- Total cost. The cost of all resources used throughout the value chain.
