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A competitive rm that produces cupcakes can produce 50 cupcakes in a day with one baker, 120 cupcakes in a day with two bakers and 150 cupcakes in a day with three bakers. The xed costs of production each day are $200 and the daily wage for each baker is $160. Given this information, which of the following statements is true? 0 a. This production schedule depicts a shortrun scenario. 0 b. This production schedule depicts a long-run scenario. 0 c. The average variable cost of 1 50 cupcakes is greater than the average variable cost of 120 cupcakes. Q d. a. and c. 0 e, b, and c. O f. All of the above. Again, consider the competitive rm that produces cupcakes. It can produce 50 cupcakes in a day with one baker, 120 cupcakes in a day with two bakers and 150 cupcakes in a day with three bakers. The fixed costs of production each day are $200 and the daily wage for each baker is $160. Given this information, which of the following statements is true? O a. This firm experiences initially decreasing and eventually increasing marginal product of labor. O b. This firm experiences initially increasing and eventually decreasing marginal product of labor. O c. This firm experiences initially decreasing and eventually increasing marginal costs. Q d. a. and c. O e. b. and c