Suppose ATC (Q=500) = $300 per unit & ATC(Q=501) = $301 per unit, where Q denotes output level, ATC is average total cost & ATC(Q) gives the average total cost at output level Q. Currently Q 500. A new customer wants to buy a unit and offers you to pay $750 to produce the extra unit. Should you accept the offer? Explain you answer.

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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.