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Microeconomics Question 2 a) In the short run, the following cost was incurred by a bakery shop. State whether each cost is a fixed or
Microeconomics
Question 2
a) In the short run, the following cost was incurred by a bakery shop. State whether each cost is a fixed or variable cost.
i) Advertising and publicity
ii) Rent for storefront
iii) Cost of raw materials
iv) Interest on a loan
v) Sales commissions
b) Differentiate between short-run and long-run production.
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