6. The slope of the short-run total cost curve equals the slope of the short-run variable cost curve at every output. 7. Average fixed costs are constant for all output levels. b) Calculate and graph ...

What are the firm and industry short run supply functions? Answers:q=p/24; Q=50p/24. 4. Long Questions 1. B.D. Shovel Ltd. is one of many identical competitive firms producing spades. Its cost ...