Fixed cost or variable cost for the firm in the short-run

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For each of the following costs, decide whether or not it is a fixed cost or a variable cost for the firm in the short-run. Provide a brief argument for your classification of the cost. a) A one-year lease on the building in which the building is located. b) Annual property taxes that are assessed on the value of the land the business owns. c) The cost of a necessary metal used in the production of the firm’s product. d) A 10-year-old metal stamping machine that has a useful life of 20 years in your business and is sufficient to produce any desired level of output for the firm. e) Sugar that the firm uses to make the cookies it sells.

Reference no: EM131163554

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