If you have the following table that shows the costs of certain firm Variable costs Total cost Quantity (Q) Fixed cost Marginal cost (MC) (FC) (VC) (TC) 10 1 2 3 22 4 4 17 5 23 6 1- Based on the above table, does the firm operate in short run or long run? 2- Based on the above table, what is the value of fixed costs if the firm produces 3 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?

If you have the following table that shows the costs of certain firm Variable costs Total cost Quantity (Q) Fixed cost Marginal cost (MC) (FC) (VC) (TC) 10 1 2 3 22 4 4 17 5 23 6 1- Based on the above table, does the firm operate in short run or long run? 2- Based on the above table, what is the value of fixed costs if the firm produces 3 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?

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 5CQQ

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