Answered: In the short run, if average variable…

In the short run, if average variable costs equal $60, average total costs equal $70, and output equals 100, the total fixed costs should equal $10. O $1,000. $5,000. O $13,000.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 28RQ: What shape of a long-run average cost curve illustrates economies of scale, constant returns to...

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Concept explainers

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.

Question

In the short run, if average variable costs equal $60, average
total costs equal $70, and output equals 100, the total fixed
costs should equal
O $10.
O $1,000.
O $5,000.
O $13,000.

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