Quiz 5

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 

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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.