If you have the following table that shows the costs of certain firm Quantity (Q) Fixed cost Variable costs Total cost Marginal cost (MC) (FC) (VC) (TC) 10 1 2 22 4 4 17 23 6. 1- Based on the above table, does the firm operate in short run or long run? 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? 4- Based on the above table, what is the value of Average Total Costs (AC) at 5 units?

If you have the following table that shows the costs of certain firm Quantity (Q) Fixed cost Variable costs Total cost Marginal cost (MC) (FC) (VC) (TC) 10 1 2 22 4 4 17 23 6. 1- Based on the above table, does the firm operate in short run or long run? 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? 4- Based on the above table, what is the value of Average Total Costs (AC) at 5 units?

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter6: Proudction Costs

Section: Chapter Questions

Problem 9SQP

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