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QUESTION
Name_______________________________ID_________________________________ 1. The following table gives the short-run and long-run total costs for...
Name_______________________________ID_________________________________ 1. The following table gives the short-run and long-run total costs for various level of output of some company: Quantity TC1 TC2 LRATC SRTFC SRTVC AFC AVC MC 0 0 450 1 400 500 400 450 50 450 50 50 2 500 535 250 450 85 225 42.5 35 3 565 565 188.3 450 115 150 38.3 30 4 595 605 148.75 450 155 112.5 38.75 40 5 660 660 132 450 210 90 42 55 a. Which column, TC1 or TC2, gives long-run total cost, and which gives short-run total cost? How do you know?
