You are thinking about setting up a lemonade stand. The stand itself costs $200. The ingredients for
Question:
You are thinking about setting up a lemonade stand. The stand itself costs $200. The ingredients for each cup of lemonade cost $0.50.
a. What is your fixed cost of doing business? What is your variable cost per cup?
b. Construct a table showing your total cost, average total cost, and marginal cost for output levels varying from 0 to 10 gallons. Draw the three cost curves.
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a The fixed cost of setting up the lemonade stand is 200 ...View the full answer
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