You own a company that produces widgets. You currently produce 100 widgets; each widget sells for $100 and costs $80 to produce. At this production level, what are your total costs? A. TC = $80 B. TC = $8,000 C. TC = $20 D. TC = $2,000

You own a company that produces widgets. You currently produce 100 widgets; each widget sells for $100 and costs $80 to produce. At this production level, what are your total costs? A. TC = $80 B. TC = $8,000 C. TC = $20 D. TC = $2,000

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter7: Production And Cost In The Firm

Section: Chapter Questions

Problem 21PAE

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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.

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