Complete the following table for the firm ‘Colour Lips’. Lipsticks Fi ned ‘v’a ri a hie Total Average Average Average Marginal
[‘??s} Eosts Costs Cost Fixed Cost Variable Total Cost
[‘DDs] [’D?si {‘D?s] Cost Cost E–_m____
m-——————
E–______
E-______ 3. Graph the Average Fixed Cost, Average variable Cost, Average Total Cost and Marginal Cost
curves. h. Itl’hl’hat eoonomies of scale is the ?n11 achieving? Explain. c. if the market prioe for lipstick was $3 per lipstick how manyr lipstisks should the oornpa nv
produce? Explain.
Mark on your graph in {a} the short run supply curve for this ?rm.
What is the difference between the short run supva curve and the long run supva curve?

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