At its current short-run level of production, a firm’s average variable costs equal $20 per unit, and its average fixed costs equal $30 per unit. Its total costs at this production level equal $2,500. What is the firm’s current output level?         What are its total variable costs at this output level?         What are its total fixed costs?

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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.