Please check the attached documents and answer question 10, 11, and 12.

QUESTION 10 Choose the correct statement regarding short-run and long-run costs? (Assume all cost curves have typical shapes, e.g., average total cost and average variable cost are U-shaped.) A firm able to exploit economies of scale will find that marginal cost always falls as output increases over the output range of economies of scale. Average fixed cost always rises as output increases. The law of diminishing returns implies that the short-run marginal cost curve must eventually decrease with increased output. Long-run cost curves are generally flatter than short-run cost curves. None of the statements are correct. QUESTION 11 Samantha produces containers of hand sanitizer and knows both the average variable cost and average total cost for a given level of quantity/output produced (e.g. if output is 10, she knows the AVC and the ATC). of the following, which can Samantha NOT calculate given this Information? A. Variable Cost B. Fixed Cost C. Average Fixed Cost . D. Both B & C. E. All of the above can be determined. QUESTION 12 In honor of the 1992 Bronze winning Lithuanian men's basketball team, you have been selling tiedye Skullman t-shirts on eBay. You are currently selling the t-shirts with a "Buy It Now" price of $20 (1.e., there is no bidding, customers can only purchase at this price). Suppose you also know that the demand for your t-shirts is described by Q = 250 - 0.5P (and inverse demand is described by P = 500 - 2Q). If your goal were to maximize revenue, what should you do? Keep prices at $20 per t-shirt Increase prices to $100 per t-shirt Increase prices to $25 per t-shirt Lower prices to $10 per t-shirt Increase prices to $250 per t-shirt