QUESTION THREE a) Define fixed, variable and semi-variable costs and give an example of each. b) You have been given the following information on costs. Segregate them into fixed and variable elements. For each level of activity prepare a table to show: Total fixed costs i. ii. Fixed costs per unit iii. Total variable costs iv. Variable cost per unit The information is as below: Month Units Total costs 1 1000 K1,000,000 2 2000 K1,200,000 3 3000 K1,600,000 c) Calculate the minimum selling price per unit the company should charge to Break Even in month five (5) assuming production was increasing the same rate as the three months given. [TOTAL: 20 MARKS]