Run Total Cost Total Cost (LTC) refers to the minimum cost at which given level of output can be produced. Ac afasky, *the long run total cost of production is the least possible cost of producing any given level 0 inputs are variable." LTC represents the least cost of different quantities of output. LTC is always to short run total cost, but it is never more than short run cost. STC LTC STC TC STC O Output Q Q Q Fig.:LTC Curve wn in Figure, short run total costs curves; STC, STC,, and STC, are shown depicting different C curve is made by joining the minimum points of short run total cost curves. Therefore, LTC en urves.