onsider the production process for a Vending Machine Service. Identify the fixed costs associated with running your small business. Identify the variable costs associated with running your small business. Discuss changes you might make in the long run.

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A: Costs are the expenses that the firms have to incur in their production activities. Revenue is the…

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Q: Fill out the entries in the table below.   Quantity Total Cost Fixed Cost Variable Cost Average…

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A: Explicit costs refer to the costs that include the monetary transactions while implicit costs refer…

Q: Costs

A: The amount pay to buy something ie good or service or the expense which is paid to have something .…