If you have the following table that shows the costs of certain firm Fixed cost Variable costs Total cost Marginal cost (MC) Quantity (Q) (FC) (VC) (TC) 10 1 22 4. 4 27 23 6. 1. Based on the above table, does the firm operate in short run or long run?WHY? 2. Based on the above table, what is the value of fixed costs if the firm produces 3 units? 3. Based on the above table, what is the value of marginal costs at 4 units?

If you have the following table that shows the costs of certain firm Fixed cost Variable costs Total cost Marginal cost (MC) Quantity (Q) (FC) (VC) (TC) 10 1 22 4. 4 27 23 6. 1. Based on the above table, does the firm operate in short run or long run?WHY? 2. Based on the above table, what is the value of fixed costs if the firm produces 3 units? 3. Based on the above table, what is the value of marginal costs at 4 units?

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 3CQQ

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