Given the total cost function TC = 2,000 + 2*Q. when output is 1,000 units average total costs areOA S2; $2O B. $2; $2000• C. $4; $2,000O D. $4,000; $2,000and total fixed costs is

The formulas for cost are: 1. Total Cost = Fixed Cost + Variable Cost 2. Average Total Cost = Total…

Answered: Given the total cost function TC -…

Given the total cost function TC - 2,000 + 2*Q. when output is 1,000 units average total costs are. OA $2; $2 O B. $2; $2000 C. $4; $2,000 O D. $4,000; $2,000 and total fxed costs is

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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

Given the total cost function TC = 2,000 + 2*Q. when output is 1,000 units average total costs are
OA S2; $2
O B. $2; $2000
• C. $4; $2,000
O D. $4,000; $2,000
and total fixed costs is

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