Difference between revisions of "Total cost"
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According to [[Marketing Management by Keller and Kotler (15th edition)]], | 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. | :[[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. | ||
| − | [[Category: Marketing Management]][[Category: Economics]][[Category: Articles]] | + | [[Category: Marketing Management]][[Category: Economics]][[Category: Articles]][[Category: Accounting]] |
Latest revision as of 19:18, 16 July 2020
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.
