Module 7 Assignment
Completion requirements
Respond to the question prompt below:
Briefly explain what is meant by the term "fixed costs" and provide three examples of "fixed costs." What determines a firm's level of fixed costs?
Additionally, briefly explain what is
meant by the term "variable costs" and provide three examples of those.
Instructions
Respond
to the question prompt by submitting your typed response in no more
than a one-page double spaced document in 12 pt, Times New Roman. Your
response should be submitted by the deadline. This response will be
graded with the writing rubric. (instructional faculty should edit this
section to fit the desired expectation)
SLOS
This assignment addresses the following outcomes (and potential outcomes based on responses):
- Course SLO1: Identify the basic economic principles that serve as the foundation of economic analysis
- Course SLO 7: Analyze the performance of firms under different market structures
- Module SLO 11: Analyze short-run costs in terms of total cost, fixed cost, variable cost, marginal cost, and average cost