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Relationship between Short and Long Run Average CostsThe table shows information about Umbrella ...

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Relationship between Short and Long Run Average CostsThe table shows information about Umbrella ...

Relationship between Short and Long Run Average Costs

The table shows information about Umbrella Corporation's short-run costs.

Quantity of Prescription Drugs	Total Fixed Cost	Total Variable Cost	Total Cost
0	$4000
1		$7
2		$14
3		$21
4			$4028

What is the average fixed cost of producing 4 prescription drugs? What is the average variable cost?
What is the average total cost of producing 2 prescription drugs? What is the marginal cost?

▸ $2000, $7, $2007, $2000

▸ $2000, $21, $2007, $2000

▸ $1000, $7, $2007, $2000

▸ $1000, $7, $2007, $7

Textbook

Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

Read 51 times

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Thank you, thank you, thank you!

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