## 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

The table below shows data for Jackets for an individual firm.

Quantity of Jackets |
Fixed Costs (FC) |
Variable Costs (VC) |
Total Costs (TC) |

0 | ? | ? | 50 |

1 | 50 | 182 | 232 |

2 | 50 | 392 | 442 |

3 | ? | ? | 680 |

4 | 50 | ? | 946 |

5 | 50 | 1190 | 1240 |

6 | 50 | ? | 1562 |

7 | ? | 1862 | 1912 |

8 | 50 | 2240 | 2290 |

__Question 1__

Given this data, what are fixed costs when quantity is 0?

Hint: Recall TC = FC + VC. In addition, VC = 0 when quantity is 0. Based on this and the information about TC you can calculate fixed costs.

__Question 2__

Given this data, what are variable costs when quantity is 0?

Hint: What is true about variable costs when quantity is 0?

__Question 3__

Given this data, what are variable costs when quantity is 3?

Hint: Recall TC = FC + VC. If we rearrange this equation we know that VC = TC - FC.

__Question 4__

Given this data, what are variable costs when quantity is 4?

Hint: Recall TC = FC + VC. If we rearrange this equation we know that VC = TC - FC.

__Question 5__

Given this data, what are variable costs when quantity is 6?

Hint: Recall TC = FC + VC. If we rearrange this equation we know that VC = TC - FC.

__Question 6__

Given this data, what are fixed costs when quantity is 3?

Hint: Recall that by definition fixed costs are fixed and do not change with quantity.

__Question 7__

Given this data, what are fixed costs when quantity is 7?

Hint: Recall that by definition fixed costs are fixed and do not change with quantity.