Use the information in the table to answer the below question. Price Quantity Total Revenue Total Cost Economic Profit $20.00 0 $ 100.00 $ 19.00 10 $ 250.00 $ 18.00 20 $ 330.00 $ 17.00 30 $ 400.00 $ 16.00 40 $ 15.00 50 $ 530.00 $ 700.00 What is the total variable cost to produce 40 units?

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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.