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”.

• Levels of AchievementCriteriaExemplaryAccomplishedDevelopingBeginning

  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