What happens when a minimum price is imposed in a market?
When an increase in inputs leads to a more than proportionate increase in output, there is
The short-run in production is the time period when
The table below shows the short-run cost of a firm. Use it to answer the question below
| Quantity (kg) | Fixed cost ($) | Variable cost ($) | Total cost ($) | Marginal cost ($) | Average cost ($) |
| 1 | 750 | 200 | 950 | - | 950 |
| 2 | 750 | 560 | 1310 | 360 | 655 |
| 3 | 750 | 900 | P | Q | 550 |
Calculate the value of Q
A cost of production that is positively related to output is the
