Suppose you own an accounting firm. How might you calculate your average Costs?
What might your fixed costs be in the short run? That is, what would be the source of your fixed costs? How would you measure these?
What might be your variable costs be in the short run and how would you measure these? That is, what items are the sources of your variable costs and how would you go about measuring the costs associated with them.
How would you calculate your marginal costs in an accounting firm?
What are your opportunity costs? Can you think of a way of measuring them?