Question 3: Week 5 Question 3, {7 marks} a. ABC Company produces 100 pendants per day. The total fixed cost for the plant is $5000 and the total variable cost is $15000 per day. Calculate the average fixed cost, average variable cost, average total cost and total cost at the current output level. (4 marks} b. Calculate Economic profit and Accounting profit from the figures given below for ABC Company. I Total revenue I Wages and salaries I Forgone salary I Interest paid I Forgone rent I Raw materials I Other payments I Forgone interest (3 marks} S 500,000 S 40,0000 S 80,000 10,000 $ $ 10,000 $ 50,000 $ 20,000 S 7,000