The table shows the costs that a firm faces when producing corn in a perfectly competitive...

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The table shows the costs that a firm faces when producing corn in a perfectly competitive market. Use it to answer the follo

business economics

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Answer 1

Answer #1

Total cost at output level of 0 is 36 which means there is fixed cost of 36 at every level of output.

In short run, Total cost = Fixed cost + Variable cost while there is no fixed cost in long run. Thus, we can say that this table describe short run for the firm.

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Answer 2

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