Costs in the Short Run
Read this section about how to calculate costs in the short-run like variable and marginal costs. Make sure to answer the "Try It" questions.
TRY IT
Question 1
The blue curve shows:
- fixed costs
- total costs
- variable costs
Question 2
The red curve shows:
- fixed costs
- total costs
- variable costs
Question 3
The black curve shows:
- fixed costs
- total costs
- variable costs
HINT:
A simple description of the costs should help you pick the right answer.