In the short run, at least one input is fixed. Variable costs are output sensitivethey vary as

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In the short run, at least one input is fixed. Variable costs are output sensitive—they vary as output varies.

Fixed costs are output insensitive—they remain the same for all positive levels of output.

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Microeconomics

ISBN: 9780470563588

4th Edition

Authors: David Besanko, Ronald Braeutigam

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Question Posted: Oct 15, 2024 03:01 AM

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In the short run, at least one input is fixed. Variable costs are output sensitivethey vary as

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Microeconomics

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