A printer quotes a price of $7, 500 for printing 1,000 copies of a book and $15, 000 for printing 2,500 copies. Assuming a linear relationship and that 2000 books are printed: i. Find the equation relating the total cost y to x, the number of books printed. ii. What is the variable cost ? iii. What is the fixed cost ? iv. What is the variable cost per book ? v. What is the average cost per book ? vi. What is the marginal cost of the last book printed ?

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A: Total cost refers to the cost of all inputs needed to produce with the given unit of output.

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Cost of Production

The entire idea of the cost of production or production cost is applied corresponding, or we can say that it is related to monetary cost. Money cost refers to any money expenditure which the firm or supplier, or producer undertakes in purchasing or hiring factor of production or factor services.