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At an output of 10,000 units per year, a firm's total variable costs are $50,000 and its average fixed costs are $2. The total costs per year for the firm are.
Cost of production is simply the sum of the costs of all inputs used in production. Production Costs = Costs of Inputs. Production in the Short Run versus Production in the Long Run. In the theory of the firm the distinction between short run and long run is not necessarily based on the length of time.It is rather based on the degree of the variability of inputs.n economics, the factors of production used by a firm in the production of a good or a service are generally referred to as inputs. What a firm produces is called output. A firm has to pay for the inputs it needs. Therefore, inputs, on the one hand, generate costs and, on the other hand, generate output.