What are total fixed cost, total variable cost and total cost of a firm? How are they related?

What are total fixed cost, total variable cost and total cost of a fir

1.	What are total fixed cost, total variable cost and total cost of a firm? How are they related?
Answer» Solution :TOTAL FIXED COST: Cost of production that does NOT change with CHANGES in the quantity of output produced by a firm in the short run.total VARIABLE cost. The overall expense associated with producing a good or providing a service that change in direct proportion to the quantity produced or provided.Total cost, is the sum of all costs incurred by a firm in producing a certain LEVEL of output. Total cost is the sum of fixed and variable costs. Variable costs change according to the quantity of a good or service being produced. The amount of materials and labor that is needed for to make a good increases in direct proportion to the number of goods produced. The cost “varies” according to production.