Total Cost Calculator (from total)
Total Cost Formula (from total)
Total Cost = Total Fixed Costs + Total Variable Costs
Total Cost Calculator (from average)
Total Cost Formula (from average)
Total Cost = Average Cost x Quantity
What is total cost?
Total cost is a microeconomics term that is the total of all costs to the firm.
Total cost includes fixed costs (costs that occur regardless of the quantity produced) and variable costs (cost incurred with each item produced). It can also be calculated by multiplying the average cost per unit by the number of units produced.