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 What is the difference between fixed costs and variable costs? Consider you own a pizzeria

Economics

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 What is the difference between fixed costs and variable costs? Consider you own a pizzeria. Give examples of its Variable costs. Give examples of its fixed costs. What would the shapes of total cost curve (TC) and the variable cost (VC) be? Why?

3. Apply the shutdown principles to the following:
a. If the product price is $24 and the AVC is $16, what would you advise the firm?
b. If the product price is $24 and the ATC is $28, what would you advise the firm?
c. If the product price is $24 and AVC is $20 and the ATC is $30, what would you advise the firm?