Telal Marginal Average Average Average Variable {a} Complete the table above. {b} Is the rm epereting in the short run or lung run? Why? (c)
Telal Marginal Average Average Average Variable {a} Complete the table above. {b} Is the rm epereting in the short run or lung run? Why? (c) Sketch the following curves based on the table in (a) i) Average fixed cost ii) Average variable cost iii) Average Cost iv) Marginal Cost (4 marks) (d) In the short run, the following cost were incurred by a chocolate factory. State whether each cost is a fixed cost or variable cost i) Salary of top management ii) Assessment rates building iii) Cost of electricity iv) Wages of unskilled workers (4 marks)[e] The following graph shows the short run and long run average oost curves of e rm. In the long run, which plant size should be used if the rm wants to produoe 20D and 4GB units of output
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