Understanding the Short Run in Economics: Definition and Examples
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The following table gives the short-run and long-run total costs for various levels of output of Consolidated National Acme, Inc.: Q T C1 T C2 0 0 350 1 300 400 2 400 435 3 465 465 4 495 505 5 540 560 6 600 635 7 700 735 a. Which column, T C1 or T C2, gives long-run total cost, and which gives short-run total cost? How do you know? b. For each level of output, find short-run T F C T V C, A
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