If you have the following Marginal cost (MC) Variable costs (VC) Total cost (TC) Fixed cost Quantity (Q) (FC) 4 23 3. 26 4. 50 1. Based on the above table, does the firm operate in short run or long run? why? 2. Based on the above table, what is the value of fixed costs if the firm produces 2 units? 3. Based on the above table, what is the value of marginal costs at 4 units?
If you have the following Marginal cost (MC) Variable costs (VC) Total cost (TC) Fixed cost Quantity (Q) (FC) 4 23 3. 26 4. 50 1. Based on the above table, does the firm operate in short run or long run? why? 2. Based on the above table, what is the value of fixed costs if the firm produces 2 units? 3. Based on the above table, what is the value of marginal costs at 4 units?
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter12: The Cost Of Production
Section: Chapter Questions
Problem 4CQQ
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![QUESTION 1
If you have the following table that shows the costs of certain firm (
Marginal cost (MC)
Variable costs
(VC)
Total cost
(TC)
Fixed cost
Quantity
(Q)
(FC)
4
1
23
4.
26
50
1. Based on the above table, does the firm operate in short run or long run? why?
2. Based on the above table, what is the value of fixed costs if the firm produces 2 units?
3. Based on the above table, what is the value of marginal costs at 4 units?
4. Based on the above table, what is the value of Average Total Costs (AC) at 5 units?
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Transcribed Image Text:QUESTION 1
If you have the following table that shows the costs of certain firm (
Marginal cost (MC)
Variable costs
(VC)
Total cost
(TC)
Fixed cost
Quantity
(Q)
(FC)
4
1
23
4.
26
50
1. Based on the above table, does the firm operate in short run or long run? why?
2. Based on the above table, what is the value of fixed costs if the firm produces 2 units?
3. Based on the above table, what is the value of marginal costs at 4 units?
4. Based on the above table, what is the value of Average Total Costs (AC) at 5 units?
For the toolbar, press AtT+F10 (PC) or ALTENtaC10 (1ta)
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