Asked by Haydee Morales on May 09, 2024
Verified
Janet's poodle grooming salon has a total cost curve expressed by the equation TC = 100 + 3Q2, where Q is the quantity of dogs groomed.Given this expression,Janet is operating in the:
A) long run.
B) short run,and her fixed costs are $100.
C) long run,and her fixed costs are $100.
D) short run,and there are no fixed costs.
Total Cost Curve
A graphical representation showing the total cost associated with producing varying quantities of output, illustrating economies or diseconomies of scale.
Short Run
A time frame in economics during which at least one factor of production is fixed, limiting the ability of the economy or a firm to adjust to changes.
Fixed Costs
Expenses that remain constant regardless of the volume of production or sales, like lease payments or wages.
- Identify the differences between short-run and long-run considerations in production planning.
- Acquire knowledge on the distinction between fixed and variable costs within production settings.
Verified Answer
Learning Objectives
- Identify the differences between short-run and long-run considerations in production planning.
- Acquire knowledge on the distinction between fixed and variable costs within production settings.
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