<P> In economics and cost accounting , total cost ( TC ) describes the total economic cost of production and is made up of variable costs , which vary according to the quantity of a good produced and include inputs such as labor and raw materials , plus fixed costs , which are independent of the quantity of a good produced and include inputs ( capital ) that can not be varied in the short term , such as buildings and machinery . </P>
consist of the sum of the fixed and variable costs for any given level of production
total cost ( TC )