Question

2 x 200
1. (a) Explain the concept of short-run and the long-run as associated with a form
(b) Illustrate the relation between Marginal Cost (MC), Average Total Cost (ATC).
Average Variable Cost (AVC) and Average Fixed Cost (AFC) curves. Given a total
cost function,
TC(Q)=70° +5Q+75
where Q represents quantity of output produced. Find the expression for Variable cost
(VC), Fixed cost (FC), AVC, AFC and ATC.​

Answer 1

Answer:

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