Problem
1. Name the three measures that examine a firm's per-unit cost at a given level of output.
2. Why does a firm's fixed cost not affect its marginal cost of producing an additional unit of a product?
3. Why is a firm's short-run total cost greater than its long-run total cost? Explain why this is also true for a firm's short-run and long-run average costs.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.