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ECS1501-25-Y Topics 12 -15
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How long is "the short" run in economics?
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Use the data in the following table to answer the question.
Output (Units) | Total cost (R) |
0 | 100 |
1 | 110 |
2 | 130 |
3 | 166 |
4 | 220 |
5 | 300 |
The average variable cost of four units is
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Use the data in the following table to answer the question.
Output (Units) | Total cost (R) |
0 | 100 |
1 | 110 |
2 | 130 |
3 | 166 |
4 | 220 |
5 | 300 |
The average variable cost of five units is
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Total cost = total fixed cost + total variable cost.
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If marginal cost equals zero, the average cost remains unchanged.
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Average fixed cost changes as output changes.
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A firm produces 6 units of a product at a total cost of R60 and produces 7 units at a cost of R72. The marginal cost of the seventh unit thus is R12.
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