Why are items such as the historical cost of inventory or capital equipment irrelevant for managerial decision making? The firm is producing 100 units of output and has Total Revenue of $50000. The firm's Total cost is $ 60000 and Total Fixed cost is $12000 Fixed. The firm, therefore generating at a loss of $ 10000. Should the firm close down or continue to operate with a loss in the short? Would the firm continue to operate in the long run? Explain