Q: If TC=7q3+3q+7, find FC and VC.
A: FC = 7 to find this calculte TC when q=0.
VC = 7q3+3q to find this take TC-FC
Q: What is the difference between the long run and the short run?
A: In the long run everything is variable (can change), but in the short run some things are variable and some are fixed.