Fog computing, which distributes computing resources to multiple locations between the Internet of Things (IoT) devices and the cloud, is attracting considerable attention from academia and industry. Yet, despite the excitement about the potential of fog computing, few comprehensive quantitative characteristics of the properties of fog computing architectures have been conducted. In this paper we examine the properties of task completion latencies in fog computing. First, we present the results of our empirical benchmarking-based study of task completion latencies. The study covered a range of settings, and uniquely considered both traditional and serverless fog computing execution points. It demonstrated the range of execution point characteristics in different locations and the relative stability of latency characteristics for a given location. It also highlighted properties of serverless execution that are not incorporated in existing fog computing algorithms. Second, we present a framework we developed for co-optimizing task completion quality and latency, which was inspired by the insights of our empirical study. We describe fog computing task assignment problems we formulated under this framework, and present the algorithms we developed for solving them.