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...

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