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What is the total cost of producing output?
The total cost of producing a specified quantity of output is the total of the fixed cost along with the variable cost of producing which quantity of output.
TC= FC + VC
The total cost curve turns into steeper as more output is produced because of diminishing returns.
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he questions posed are broad and open ended so be careful to allow yourself enough research and planning time. If you are completely on top of the material delivered in class, then
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