Sample 3

IB Economics: Sample 3

This is the third sample for the question, on microeconomics, the question and mark scheme are included.(a) Explain the difference between cost curves in the short-run and long-run. [10 marks]Total cost represents total costs of production incurred by a firm. This is equal to fixed plus variable costs. Fixed costs are costs within a business which do not change when output changes like factory lease or machinery plus...


To access the entire contents of this site, you need to log in or subscribe to it.

You can also request a Free trial or check the blog (which is also free)

All materials on this website are for the exclusive use of teachers and students at subscribing schools for the period of their subscription. Any unauthorised copying or posting of materials on other websites is an infringement of our copyright and could result in your account being blocked and legal action being taken against you.