QUESTION 1 Read the Guardian article to answer the questions that follow. "Cannes film festival signals industry reopening for business after pandemic It represents a huge step forward to something like normality in the film industry: the Cannes international film festival is reopening for business on Tuesday after cancellation of its physical edition last year. The ebb and flow of the coronavirus pandemic forced the festival, and its thousands of attendees from both the film business and the media, to change its plans on multiple occasions, and it will finally achieve lift-off with the world premiere of the Sparks musical Annette, Cannes' first in-person screening since May 2019!' https://www.theguardian.com/film/202'l/ju|/05/cannes-film-festival-signaIs-industry-reopening-for-business-after-pandemic (a) When a film festival reopens after the pandemic, is it a short-run or long-run decision for the company that runs the festival? Explain. (b) What are the fixed and variable inputs for running a film festival? List and explain at least two of each type. (c) Do film festivals likely experience economies of scale, diseconomies of scale or constant returns to scale in the long run? Explain and sketch the long-run ATC curve to support your