Total Cost in Economics: Definition & Formula

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Total cost is equal to:

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1. Which statement is true of fixed costs?

2. Examples of variable costs in your home are:

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About This Quiz & Worksheet

This quiz and worksheet combo is designed to help you understand the concept of total cost in economics and how to calculate it. Key topics you will be assessed on include fixed costs and total costs.

Quiz & Worksheet Goals

You will be tested on your understanding of the following:

  • The formula for calculating total cost
  • Your ability to provide examples of fixed or variable costs
  • How to calculate total costs properly

Skills Practiced

You will also be able to practice these skills with this quiz and worksheet combo:

  • Defining key concepts - ensure that you can accurately define main phrases, such as fixed costs and total cost
  • Distinguishing differences - compare and contrast topics from the lesson, such as fixed costs and variable costs
  • Information recall - access the knowledge you've gained regarding the formula for calculating the total cost
  • Knowledge application - use your knowledge to answer questions about what to consider when calculating the total cost

Additional Learning

Learn more about total cost by referring to the lesson Total Cost in Economics: Definition & Formula. This lesson will help you accomplish following objectives:

  • Define total cost
  • Identify the formula for calculating total cost
  • Distinguish between variable and fixed costs
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