Class Work Short Run Costs 1. Determine whether each of the following cost items, or categories would most likely be a fixed cost (FC) or a variable cost (VC) for a restaurant. a. Waiters, waitresses. b. Cooks C. Grains, vegetables, meat, dairy products, oil d. Rent e. Internet advertising f. Interest on loans g. Fire and theft insurance h. Owner's required annual profit of $75,000 i. Electricity j. Managers' salaries 2. Fill in all the missing values in the table below. Wage = $100. All values are per day. MP TP VC FC TC ATC AFC AVC MC O 500 100 170 3 200 4 230 5 170 6 100 30 8 0 3. Use the graph below to calculate for Q= 50 a. Variable Cost b. Total Cost ) C. Average Variable Cost d. Average Total Cost e. Marginal Cost of the last unit produced