Answer Happy

Ahmad has recently started a new bread-making business. As an analyst, assist Ahmad in providing an overview of what is going on in the production. a) In the short run, the following cost was incurred by a bread factory. State whether each cost is a fixed or variable cost. i) Salary of employees ii) Rent of factory iii) Cost of power iv) Interest on a loan v) Flour and butter production. (5 Marks) (5 Marks) b) Differentiate between short-run and long-run