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At an output of 10,000 units per year, a firm's total variable costs are $50,000 and its average fixed costs are $2. The total costs per year for the firm are.
The total cost of producing a specific level of output is the cost of all the factors of input used. Conventionally, economists use models with two inputs: capital, K; and labor, L. Capital is assumed to be the fixed input, meaning that the amount of capital used does not vary with the level of production.otal cost in economics includes the total opportunity cost of each factor of production as part of its fixed or variable costs. The rate at which total cost changes as the amount produced changes is called marginal cost.