Why is a firms short-run total cost greater than total cost, Microeconomics

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Why is a firms short-run total cost greater than total cost

Problem

1. Name the three measures that examine a firm's per-unit cost at a given level of output.

2. Why does a firm's fixed cost not affect its marginal cost of producing an additional unit of a product?

3. Why is a firm's short-run total cost greater than its long-run total cost? Explain why this is also true for a firm's short-run and long-run average costs.

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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