06-9 0 6.2 Cost in the Short Run 。 Total output is a function of variable inputs and fixed inputs. Therefore,the total cost of production equals the fixed cost (the cost of the fixed inputs)plus the variable cost (the cost of the variable inputs), 0r.. TC=FC+VC Economics ECONOMICS MANAGEMENT SCHOOL,TONGJI UNIVERSITYEconomics ECONOMICS & MANAGEMENT SCHOOL, TONGJI UNIVERSITY 06-9 • Total output is a function of variable inputs and fixed inputs. • Therefore, the total cost of production equals the fixed cost (the cost of the fixed inputs) plus the variable cost (the cost of the variable inputs), or… TC  FC  VC 6.2 Cost in the Short Run