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7 Question 1 (a) Calculate the following table (1 decimal number) Total Average Total Fixed Average Variable Total Output Fixed Variable Average Cost Cost Cost

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Question 1 (a) Calculate the following table (1 decimal number) Total Average Total Fixed Average Variable Total Output Fixed Variable Average Cost Cost Cost Cost Cost Cost 0 20 - 50 70 86 110 150 206 270 (8 marks) (b) Sketch the average variable cost, average total cost, marginal cost and average fixed cost curve in a same diagram (5 marks) Which time period is the firm operating in? Why? (2 marks) (d) List FIVE (5) sources of economies of scale

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