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Amacher, R., & Pate, J. (2013). Microeconomics principles and policies [Electronic version]. Retrieved from https://content.ashford.edu/
Martin, E. R. (2014, March 27). The ethics of big data (Links to an external site.)Links to an external site.. Forbes. Retrieved from http://www.forbes.com/sites/emc/2014/03/27/the-ethics-of-big-data/#4091edf730c7
Khnan, S. (n.d.). Fixed, variable, and marginal costs (Links to an external site.)Links to an external site. [Video file]. Retrieved from http://www.khanacademy.org/science/microeconomics/firm-economic-profit/average-costs-tutorial/v/fixed–variable–and-marginal-cost
Let’s assume that you own a fast food restaurant and you are faced with many customers each day eating in the restaurant without any tables. Describe the difference between the short run and long run in the example to bringing about more tables for the customers. How is the restaurant able to differentiate between the short run and long run?
Guided Response: Review the discussion board posts of your classmates. Discuss the difference between short run and long run with relation to costs. Respond to at least two of your classmates. Discuss how short run and long run vary in a firm.
After reading Chapter 8 in the text and viewing the Fixed, Variable, and Marginal Cost (Links to an external site.)Links to an external site. video, address the following in your initial post:
Guided Response: Review the discussion board posts of your classmates. Analyze the difference in your answer to your peers in response to the different costs that are discussed. Respond to at least two of your classmates. Discuss the different types of costs like fixed, variable, or both
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