What is the difference between fixed costs and variable
costs?’
Are there fixed costs in the long run? Explain
briefly.
Are fixed costs also sunk costs? Explain.
What are diminishing marginal returns as they relate to
costs?
Which costs are measured on a per-unit basis: fixed
costs, average cost, the average variable cost, variable costs, and
marginal cost?
How is each of the following calculated: marginal cost,
average total cost, average variable cost?
What shapes would you generally expect each...