QUESTION 11 If you have the following table that shows the costs of certain firm Quantity Fixed cost Variable costs Total cost Marginal cost (MC) (Q) (FC) (VC) (TC) 10 22 4. 4 27 23 6. 1. Based on the aoove 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 3 units? 3. Based on the above table, what is the value of marginal costs at 4 units?

ENGR.ECONOMIC ANALYSIS
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QUESTION 11
If you have the following table that shows the costs of certain firm
Quantity
(Q)
Fixed cost
Variable costs
Total cost
Marginal cost (MC)
(FC)
(VC)
(TC)
0.
10
22
4.
4
27
23
6.
1. Based on the aoove 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 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?
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Transcribed Image Text:QUESTION 11 If you have the following table that shows the costs of certain firm Quantity (Q) Fixed cost Variable costs Total cost Marginal cost (MC) (FC) (VC) (TC) 0. 10 22 4. 4 27 23 6. 1. Based on the aoove 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 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? For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Arial 14px
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