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Assignment
A. Suppose you are the owner of a soft drink bottle manufacturing firm. You just opened your business and it turned out that the cost of producing the first bottle was substantial because you have to purchase machines & raw materials, hire people, and rent a building. But as you produce more, you discovered that the total cost per one bottle gradually decreases.
- What concept is being explained (from chapter 11) in the given example? Answer this using at least 150 words.
- In the new testament(bible), the concept of cost (sacrifice) and revenue (rewards) are embodied here and there. Read Mark 8 in the Bible, and discuss briefly describe how it relates to the economic concept of cost and/or revenue
B. Complete the following table describing the short-run daily costs of the Kangaroo Backpack Company.
Total Product (Backpacks)
Total Fixed Cost
Total Variable Cost
Total Cost
Average Fixed Cost
Average Variable Cost
Average Total Cost
Marginal Cost
0
--
1
30
2
50
3
60
4
64
159
5
90
6
150
7
196
8
240
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