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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.
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– 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. See the instruction video, “Cost.ppsm”.
| Total
Product (Backpacks) |
Total
Fixed Cost |
Total Variable Cost |
Total Cost |
Average Fixed Cost | Average Variable Cost | Average Total Cost |
Marginal Cost |
| 0 | 0 | — | — | — | — | ||
| 1 | 30 | ||||||
| 2 | 50 | ||||||
| 3 | 60 | ||||||
| 4 | 64 | 159 | |||||
| 5 | 90 | ||||||
| 6 | 150 | ||||||
| 7 | 196 | ||||||
| 8 | 240 |
