Rick's ski board factory has the Total Cost function: TC(Q)=0.02Q³ +300Q +200 where Q is the number of pairs of ski boards. Rick's ski boards can be sold at $400 per pair. Fill in the blank with pure numbers (round to the closest integer): Optimal output, Q* = Profit if Open for business in the short run, m₁ = Profit if Shut down temporarily in the short run, 112 = Should Rick decides to Open for business in the short run (only input: Yes/No)?

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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.