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Explain how the location of each curve graphed

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Why can the distinction between fixed costs and variable costs be made in the short run? Classify the following as fixed or variable costs: advertising expenditures, fuel, interest on company-issued bonds, shipping charges, payments for raw materials, real estate taxes, executive salaries, insurance premiums, wage payments, sales taxes, and rental payments on leased office machinery. "There are no fixed costs in the long run; all costs are variable." Explain.

5.A firm has fixed costs of $60 and variable costs as indicated in the table. Complete the table and check your calculations by referring to problem 4 at the end of Chapter 7.

a. Graph the AFC, ATC, and MC curves. Why does the AFC curve slope continuously downward? Why does the MC curve eventually slope upward? Why does the MC curve intersect both the AVC and the ATC curve at their minimum points?

b. Explain how the location of each curve graphed in question 5a would be altered if (1) total fixed cost is $100 rather than $60 and (2) total variable cost is $10 less at each level of output.

Reference no: EM133714286

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