AP Microeconomics. Costs in the Short Run. How would you label each of these curves?. How are each of the three curves derived? TP: units of labor and the output they produce. Total Product. Average Product. Marginal Product. How would you label each of these curves?.
Costs in the Short Run
____ Expenses for hot dog buns at a restaurant
____ Electric bills at an all-electric print ship
____ The cost of a new printing press
____ Wages paid to auto workers
____ Long-term salary contracts with top management
____ Insurance premiums at a factory
____ A salesperson’s mileage expenses
____ Lease payments on rented equipment
____ Security guards on premises
____ Property TaxesCan you distinguish between fixed costs (FC) and variable costs (VC)?
Units of OutputGraphing TVC