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Download the attached docx file, fill it out and upload it as your submission. Do not convert the file into any other file format. What to do: This week’s assignment relates to Chapter 7 from Week 5. This is because assignments in this course are spaced out as evenly as possible, and as a result will not always align with the current week’s subject.
Provide the name of a business from the real world. Then identify two variable costs and two fixed costs incurred by this business. (4 points)
Please note that variable costs vary with output (i.e. quantity of production) and it is irrelevant whether variable costs vary with other factors or not. Also note that fixed costs do NOT vary with output (i.e. quantity of production) and it is irrelevant whether fixed costs vary with other factors or not. For instance, renting two offices for your chocolate candy business instead of one will increase your rent expense but that doesn’t make rent a variable cost. Rent is still a fixed cost because it does NOT vary with how much candy you produce.
Name of the business: _________________________
Variable costs Fixed costs
For one of the two fixed costs you mentioned above, estimate how long it may take (e.g. 6 months) for this business to make it variable, i.e. be able to change the size or quantity of the underlying fixed input.
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