5. How is the total cost of a factory or other production site determined?

o marginal cost plus variable cost

O fixed cost plus variable cost

O fixed cost plus marginal cost

marginal cost plus output cost

fixed cost plus variable cost

Explanation:

In economics, the total cost is the total economic cost of producing commodities in any production site and is composed of the fixed cost component which is independent of the quantity of a good produced plus the variable cost component, that depends on the quantity of a good produced.

Question:

How is the total cost of a factory or other production site determined?

fixed cost plus marginal cost

fixed cost plus variable cost

marginal cost plus variable cost

marginal cost plus output cost

Answer:

fixed cost plus variable cost

Explanation:

The total cost of a business is composed of fixed costs and variable costs. Fixed costs and variable costs affect the marginal cost of production only if variable costs exist. The marginal cost of production is calculated by dividing the change in the total cost by a one-unit change in the production output level.

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