Micro week 4

Covering Chapter 10 & 11(maximum possible points: 50)

Due: Day 7 (11:59pm)

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. 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

 

        

• Levels of Achievement
  Criteria	Exemplary	Accomplished	Developing	Beginning
  Knowledge Weight 40.00%	90 to 100 % Demonstrates mastery and accuracy of concepts, terms and theories selected by the student without error	80 to 89 % Demonstrates mastery and accuracy of most of the major concepts, terms, and theories with several errors	70 to 79 % Demonstrates moderate understanding of a few of the concepts, terms and theories, but lacks a mastery of the majority	0 to 69 % Demonstrates basic understanding of the concepts, terms, and theories, but lacks any mastery at all
  Quantitative Skill  Weight 40.00%	90 to 100 % Provides graphical analysis and/or calculations with great accuracy without error	80 to 89 % Provides graphical analysis and/or calculations with great accuracy without several errors	70 to 79 % Provides graphical analysis and/or calculations with moderate accuracy with many errors	0 to 69 % Provide no graphical analysis and/or calculations
  Writing & Organization Weight 20.00%	90 to 100 % The structure of content is strong and helps readers move through the text smoothly. The content contains effective transitions between paragraphs. Minimum words requirement is met	89 to 89 % The structure of content has a clear organizational structure, and helps readers to understand fairly easy, but slightly lacks effective transitions between paragraphs. Minimum words requirement is met	70 to 79 % The structure of content is understandable, but significantly lacks effective transitions between paragraphs. Minimum words requirement is not met	0 to 69 % The content lacks coherence, and requires readers to reread substantial portions. Minimum words requirement is not met