4. 11 The following is a list of expenses involved in owning and operating an automobile. Classify these costs into fixed and variable costs: The sum you paid up front to purchase the vehicle Your monthly financing or leasing payment Automobile insurance Automobile registration fee Driver's license Gasoline expense Tire replacement Maintenance and repair expenses Traffic violation fines 4. 12 The following is a list of managerial decisions taken regularly by the managers of firms. Classify these decisions based on whether they are of the short-run or a long-run nature. Deciding what kind of technology to adopt in a new plant Deciding how much to produce each month Determining the location of a plant Determining how many workers to employ each month Determining how much materials and supplies to store in the warehouse Deciding how much stock of the finished product to hold on inventory Deciding from which supplier to purchase materials Deciding which accounting firm to hire as your external auditor Deciding on whether to replace old by new equipment Repairing equipment when they break down Determining the opening hours of a retail store Supervising staff to ensure that they report for work on time Supervising staff to ensure they are doing their work properly Deciding whether to introduce a new product on the market Deciding whether to make an offer to purchase another firm Deciding whether to implement a new human resource policy Determining the hourly pay of workers when the labour contract comes up for renewal