Differences between short run and long run costs

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Question: What are the differences between short run and long run costs? Please choose a business (for ex: restaurant, donut shop, ice cream shop, school, day care center...) and answer the following questions and write a short essay about "Economic Costs of [Your business name inserts here]".

• What are the costs of doing business? Equipment, supplies, salaries, rent, utilities, and insurance are just some of these expenses. Try to include as many costs as you can.

• What do you think are the fixed costs associated with your business?

• What do you think are the variable costs associated with your business?

• How much do you think it costs the business to add one more product? ( if it is an ice cream shop, and product is ice cream (adding one more ice cream).

Reference no: EM132388836

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