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In economics, what is the difference between the short run and the long run?Explain using a real world example why the length if the short run varies for different firms. Q3. A firm has fixed costs of $60 and variable costs as indicated in the table below. For each level of output total product, calculate total fixed cost, total cost, average fixed cost, average variable cost, average total cost and marginal costTotal productTotal fixed costTotal variable costTotal variable costTotal costAverage fixed costAverage variable costAverage total costMarginal cost0 0 1 50 2 88 3 120 4 150 5 182 Q4. Draw the typical relationship between short and long run average costs. Using the graph explain how the average cost changes in the short run when output increases.

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; Tortosa, F. 1995. Percepcin por los usuarios de los factores de seguridad y de riesgo en la autopista. Anuario de psicologa, Vol. 65, Num. 2, pp. 59 82 . Sanmartn, J. ; Alonso, F. 1994. Problemas metodolgicos del desarrollo de bases documentales bibliogrficas dirigidas al tratamiento bibliomtrico.

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3/25/1995,Orlando, Florida. 10. Q. X. Sang and J. M. D. Roycik, X. Fang, and Q. X. Sang 2009 Afresh prospect of extracellular matrix hydrolytic enzymes and their substrates.

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