For Questions 24 to 28, consider the following total cost function: TC = 75 + 3q² where TC is total cost and q is the quantity produced. 24. The provided cost function refers to the: a) long run. b) short run.
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The firms, and businesses tend to work in the markets with the motive to earn maximum possible profits for them. These firms tend to sell various goods, and services according to the needs, wants, and priorities of the consumers in the market.
The firms incur various costs associated with the production process. These costs are then covered by the firms through the revenues which they earn from the sale of those goods, and services in the market. This difference between the amount earned, and the costs result into profits.
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