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Author Question: What are the two components of a firm's total cost in the short run, and what are their definitions? ... (Read 17 times)

Ebrown

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on: Jun 29, 2018
What are the two components of a firm's total cost in the short run, and what are their definitions?
 
  What will be an ideal response?

Question 2

If the natural monopoly shown in the figure above is unregulated, then the deadweight loss will be
 
  A) 0.
  B) 2 million.
  C) 4 million.
  D) 8 million.


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ciecieme

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Reply #1 on: Jun 29, 2018
Answer to Question 1

The two parts are the total fixed cost (TFC) and the total variable cost (TVC). TFC is the cost that does not vary as output varies. Examples include rent on a building or interest on a business loan. TVC is the cost that varies as output varies. Examples include a firm's payroll for labor or payments for raw materials.

Answer to Question 2

C


Ebrown

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

mcabuhat

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Reply 3 on: Yesterday
Excellent

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