Question one:

Suppose a firm's long-run total cost function is given by TC(Q) = 240Q2. (3 points each) i. What is an equation for this firm's long-run average total cost curve? ii. Does the firm exhibit diseconomies of scale, constant economies of scale, or economies of scale? Explain.Karen is considering opening an ice cream shop. For each of the following costs associated with her business, explain whether the cost is fixed or variable. (1 point each) a. If Karen sells 15,000 ice cream cones in a year, how much is her average total cost per cone? (Assume that each cone includes food ingredients and one wrapper.) (3 points)