Total cost (TC)-Total economic cost of production,consisting of fixed and variable costs,which can be divided into fixed cost and variable cost. In the short run,one or more of the firm's inputs are fixed. Fixed cost(FC)-Cost that does not vary with the level of output. Variable cost (VC)-Cost that varies as output varies. Copyright by Caidonghong Copyright by Caidonghong ❑ Total cost (TC) - Total economic cost of production, consisting of fixed and variable costs, which can be divided into fixed cost and variable cost. In the short run, one or more of the firm'sinputs are fixed. ❑ Fixed cost(FC)-Cost that does not vary with the level of output. ❑ Variable cost (VC)-Cost that varies as output varies