If the wage rate$\text{'}$w$\text{'}$ is

$$$$2020$

and the cost of capital is

$$$$2020,$

calculate the average cost of producing

$3$ comma $0003,000$

units in the$$ long$-$run.

AC$=$

$$$enter your response here$$

$($round

your answer to the nearest

penny$).$

Part $2$

In the$$ short$-$run, with the amount of capital fixed at $40$ units, average total cost of producing

$3$ comma $0003,000$

units is

$$

$$

less than

equal to

greater than

$$long$-$run average costs.