Assume that Peter's short run Total Cost Curve is TC = 20,000q- 200q² +q*. Calculate his (short run) Average Total Cost (ATC) for quantities of 50, 100, and 150 and sketch his ATC curve given the values you calculated.

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Short-Run Costs and Long-Run Costs

Cost of short-run and the long-run is an economic term that describes the cost involved in the production of goods in a firm in the short as well as long period.