given the table below for a firm operating in a perfectly competitive market, what is the short run fixed…

given the table below for a firm operating in a perfectly competitive market, what is the short run fixed cost?\n|output|total cost|\n|----|----|\n|0|$10|\n|1|$20|\n|2|$28|\n|3|$34|\n\n$20\n$10\n$12\ncannot be determined

given the table below for a firm operating in a perfectly competitive market, what is the short run fixed cost?\n|output|total cost|\n|----|----|\n|0|$10|\n|1|$20|\n|2|$28|\n|3|$34|\n\n$20\n$10\n$12\ncannot be determined

Answer

Explanation:

Step1: Recall fixed - cost concept

Fixed cost is incurred even at zero output.

Step2: Check total cost at output 0

When output = 0, total cost = $10.

Answer:

$10