3: Week 5 Question 3, (7 marks) a. ABC Company produces 100 pendants per day. The total fixed cost for the plant is $5000 and the total variable cost is $15000 per day. Calculate the average fixed cost, average variable cost, average total cost and total cost at the current output level. (4 marks) b. Calculate Economic profit and Accounting profit from the figures given below for ABC Company. Total revenue - $500,000 Wages and salaries - $40,000 Forgone salary - $80,000 Interest paid - $10,000 Forgone rent - $10,000 Raw materials - $50,000 Other payments - $20,000 Forgone interest - $7,000