Purchase Solution

short run and long run

Not what you're looking for?

Ask Custom Question

Assume a firm has fixed costs of $80 and variable costs as indicated in the table below. Complete the cost table.
Total
Total variable Total
product cost cost AFC AVC ATC MC
0 $ 0 $ 80
1 110 190
2 150 230
3 180 260
4 220 300
5 270 350
6 340 420
7 440 520
8 580 660

2. What do short run and long run mean for you? In your current situation, what do you consider a fixed and a variable cost?

Attachments
Purchase this Solution
Solution Summary

Explicate short run and long run in this case.

Solution Preview

Econ Discussion

1. Assume a firm has fixed costs of $80 and variable costs as indicated in the table below. Complete the cost table.

Cost Table ...

Purchase this Solution
Free BrainMass Quizzes
Pricing Strategies

Discussion about various pricing techniques of profit-seeking firms.

Basics of Economics

Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.

Economics, Basic Concepts, Demand-Supply-Equilibrium

The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.

Elementary Microeconomics

This quiz reviews the basic concept of supply and demand analysis.

Economic Issues and Concepts

This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.

View More Free Quizzes
Related BrainMass Solutions

  • short run supply

    45166 short run supply Graphically illustrate short run supply. Also include on your graph the long-run aggregate supply curve. At what point must the short-run aggregate supply curve and the long-run aggregate supply curve intersect?

  • long run vs short run in terms of Microsoft

    134297 Long Run-Short Run I am trying to understand long run vs short run in terms of Microsoft. The question is can Microsoft earn short run economic profits, and can it sustain long run economic profits. Why or Why Not?

  • Short-Run Profit maximization

    Thus long-run equilibrium in a monopoly will be characterized by economic profits. If, on the other hand, a monopoly experiences short-run losses it will adjust the scale and characteristic of its plant to eliminate such losses in the long-run.

  • Short-Run Average and Total Cost

    158979 Short-Run Average and Total Cost True or False? Please explain your reasoning. a. The short-run average total cost can never be less than the long-run average total cost. b.

  • long run and short run aggregate supply curves

    354016 Define long run and short run aggregate supply curves. Explain the differences between the long run and short run aggregate supply curves and explain how an expasionary gap occurs.

  • long-run economic profits

    Under the conditions of monopolistic competition, if a firm is earning economic profits in the short run: a. prices are higher in the long run than in the short run. b. firm profits are higher in the long run than in the short run.

  • Short-run and long-run adjustments

    72956 Short-run and long-run adjustments Which of the following are short-run and which are long-run adjustments? Wendy's builds a new Restaurant. Acme Steel Corporation hires 200 more production workers.

  • Define the terms: Long run and short run

    410119 Long and Short Run What is the shut down rule in the short run? What is the shut down rule in the long run?

  • Finding Short Run, Long Run movement

    Explain the movement of the resources in both SHORT RUN and LONG RUN Labor Capital Land Short Run: In the short run, the variable input is usually labor and the fixed inputs are capital and land.

  • Price Elasticity for Goods

    9256 Micro Economics: analysis of price elasticity (short and long run) Please explain whether the following goods or services are price elastic or inelastic in both the short run and long run. a. Gasoline b. Texaco gasoline c. Salt d.

View More Related Solutions