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Answer 2b) CED between face masks and disposable groves (2 marks) = Are face masks and disposable groves substitutes or complements: (1 mark) Explanation: (1

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Answer 2b) CED between face masks and disposable groves (2 marks) = Are face masks and disposable groves substitutes or complements: (1 mark) Explanation: (1 mark) 02c) Assuming Firm X's production schedule is as follows; fill in the blanks: (2 marks) [Answer here] Variable Marginal Average input Product Product (Labour (MP) (AP) Houn 02d) Assume you leave yourjob, where you earn $65,000 a year, to start your own business. You incur start-up costs of $120,000 and during your first year you earn revenue of $180,000. (3 marks) i) Calculate your accounting profit. ii) Calculate your economic profit. iii) From the economic point of View, is your start-up profitable? [Answer and show workings here] Answer Q 2d) Accounting profit = Economic profit = Is the start-up profitable in terms of economic point of View? Explain

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