QUESTION 3 Given below is a cost schedule of an automobile company operating in Kota Kinabalu. Total Total Fixed Total Variable Total Cost Average Cost Product (TP) Cost (TFC) Cost (TVC) (TC) (AC) Units RM RM RM RM 80 200 4.75 85 200 6 95 200 7.6 105 200 9.2 120 200 11 122 200 12.5 125 200 13.6 Based on the table above, answer the following questions. a) Complete the table above. (4 marks) b) Calculate the average variable cost (AVC) of producing 120 units of output. (2 marks) c) Is the firm operating in the short run or long run? Justify your answer. (2 marks) d) State one (1) example of fixed input and one (1) example of variable input in this production. (2 marks) e) Define fixed cost. (1 mark)