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a) Explain what is meant by fixed cost and identify the firm's fixed cost. (2 marks) (b) Explain what is meant by average variable cost
a) Explain what is meant by fixed cost and identify the firm's fixed cost. (2 marks)
(b) Explain what is meant by average variable cost and calculate the firm's average variable cost schedule. (4 marks)
(c) Explain what is meant by average total cost and calculate the firm's average total cost schedule. (4 marks)
(Total 10 marks)
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