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Apr 3, 2024
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The Price of Cookies
Stacie Legendre
Colorado State University Global
ECN210-1: Microeconomic Principles
Marlo Chavarria
1
2
The Price of Cookies
From the previous research and conclusion regarding the costs to bake three dozen cookies we were able to confer that the more cookies made the lower the expenses were on the per dozen batch. As a cookie baker I am also needing to determine the values and how to calculate my profits for each dozens of cookies I make. Before starting to determine the cost per unit the raw material required in the recipe. I decided to price out my ingredients and calculate the average costs, fixed costs, variable costs, average variable costs, average fixed costs and marginal costs. (DulciaBakery. 2021) I started out basing my figures on baking three dozen cookies which includes the sugar, chocolate chips, flour and eggs as the ingredients. After researching the prices of the raw materials, the total cost came to $5.47 for 3 dozen cookies including the 8.25% Colorado Springs sales tax I spend $5.92 per 3 dozen cookies. (
ColoradoSprings.gov 2021) (Safeway.com 2021) (Walmart.com. 2020) There are additional costs outside of the raw ingredients that were considered in the overall costs to make these cookies. These costs include the fixed cost to rent a kitchen with an oven for a day and the cost of my time at $10 per hour coupled with the hour it takes to make two dozen cookies. I will charge $10 per hour to bake the 3 dozen cookies making it $15 for my time to make the cookies. Making 3 dozen cookies would only take 1.5 hours but it costs $30 a day to rent the kitchen when I first started, and the rent dropped to $15 a day at a later date. I only make 3 dozen cookies in a day the overall costs will be $50.92 with the $30 per day kitchen rental and $35.91 with the $15 per day kitchen rental. As discussed in the prior reports the variable costs are the costs for raw ingredients and the amount of time is spend with the kitchen rental being the fixed costs. It was already determined that I would benefit from baking more cookies. The more cookies baked in a day would cause the fixed costs would decrease per unit making the per
3
dozen costs decrease. The following are the costs for the $30 and $15 per day kitchen rental and the effects they have on the per dozen expenses.
If the fixed cost of the rent is lowered to $30 per day the new costs would be as follows:
Quantity of cookies in dozens
Fixed Costs
Variable Costs
Total Costs
Average Total Cost
Average Variable Cost
Average Fixed Cost
Marginal
Cost
1
$30
$6.97
$36.97
$36.97
$6.97
$30
-------
2
$30
$13.94
$43.94
$21.97
$6.97
$15
$6.97
3
$30
$20.91
$50.91
$16.97
$6.97
$10
$6.97
4
$30
$27.88
$57.88
$14.47
$6.97
$7.5
$6.97
5
$30
$34.85
$64.85
$12.97
$6.97
$6
$6.97
6
$30
$41.82
$71.82
$11.97
$6.97
$5
$6.97
7
$30
$48.79
$78.79
$11.26
$6.97
$4.29
$6.97
8
$30
$55.76
$85.76
$10.72
$6.97
$3.75
$6.97
9
$30
$62.73
$92.73
$10.30
$6.97
$3.33
$6.97
10
$30
$69.70
$99.70
$9.97
$6.97
$3
$6.97
4
If the fixed cost of the rent is lowered to $15 per day the new costs would be as follows:
Quantit
y of cookies
in dozens
Fixe
d Cost
s
Variabl
e Costs
Total Costs
Averag
e Total
Cost
Averag
e Variabl
e Cost
Averag
e Fixed
Cost
Margin
al Cost
1
$15
$6.97
$21.9
7
$21.97
$6.97
$15
-------
2
$15
$13.94
$28.9
4
$14.47
$6.97
$7.50
$6.97
3
$15
$20.91
$35.9
1
$11.97
$6.97
$15
$6.97
4
$15
$27.88
$42.8
8
$10.72
$6.97
$3.75
$6.97
5
$15
$34.85
$49.8
$9.97
$6.97
$3
$6.97
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1700
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500
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-200
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1700
1200
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4000
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1100
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1600
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d
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8000
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1100
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10000
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600
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3f
12000
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-4700
700
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23800
25500
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3g
14000
20
-11500
800
1700
36800
38500
h
3h
16000
20
-22500
900
1700
55800
57500
i
3i
18000
20
-39500
1000
1700
83000
84700
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20000
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P Soruyu işaretle
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OB$130000
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250
225
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125
100
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number of students served.
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Rainbow Canteen
Нарру Сanteen
students served
500
15000
16000
19000
1000
28000
32000
40000
2000
50000
58000
80000
4000
80000
108000
168000
6000
114000
156000
258000
(a) Comment on the scale of production of these three canteens.
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Canteen shows interest in it and has done an estimate on the total costs of running the
two canteens under one ownership. Based on the estimates below, do you recommend
the owner of the Smile Canteen to pick up the business of Happy Canteen? Explain.
Number of students
"Smile plus Happy" Canteen
served in each canteen
500
40000
1000
65000
2000
110000
4000
215000
6000
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- Eleanor is a hard-working college junior. One Tuesday, she decides to work nonstop until she has answered 100 practice problems for her physics course. She starts work at 8:00 AM and uses a table to keep track of her progress throughout the day. She notices that as she gets tired, it takes her longer to solve each problem. Time 8:00 AM 9:00 AM 10:00 AM 11:00 AM Noon Total Problems Answered 0 40 70 90 100 Use the table to answer the following questions. The marginal, or additional, gain from Eleanor's first hour of work, from 8:00 AM to 9:00 AM, is The marginal gain from Eleanor's third hour of work, from 10:00 AM to 11:00 AM, is[ Later, the teaching assistant in Eleanor's physics course gives her some advice. "Based on past experience," the teaching assistant says, "working on 25 problems raises a student's exam score by about the same amount as reading the textbook for 1 hour." For simplicity, assume students always cover the same number of pages during each hour they spend reading.…arrow_forwardWe have the results from our first Facebook ad campaign. The following table summarizes the results broken down by age and whether the person seeing the add clicked through. Age 40 or under 85 Age more than 40 65 Total Clicked Through 150 Did Not Click 590 260 850 Total 675 325 1000 For our up(combing) (pun intended) campaign, I want to make it as effective as possible, a cut above all other ad campaigns! I'm thinking that since 85 (or 56.7%) of the 150 people who clicked through to our website are age 40 or less, we should focus our ads to only younger people. I'm not great with number though, and since I know you had a stats class in college, I wanted to get your opinion. Should we focus our adds only to those age 40 and under or should we do something else?arrow_forwardTask 3 Pick one of your items. You have been contacted by a customer in Alaska who wants to purchase several of these items and wants you to ship the items to her. You have already established the cost per item and you will only charge the customer $5 to ship these items to Alaska. Suppose another company sells the same item but charges half of your price. However, if the customer buys from this company, she will be charged $20 in shipping costs. a. Write two equations to represent the customer's total cost based on how many items she buys from each of the two sellers-you and the other company. b. If the customer in Alaska wants to buy 5 items, from whom should she buy? Explain your answer. c. If the customer in Alaska wants to buy 50 items, from whom should she buy? Explain your answer. d. Solve the system of equations from part A. What method did you choose to solve the system? Why? e. Explain what your solution for part D means in terms of the situation.arrow_forward
- Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one factory. However, it is considering expanding production to two or even three factories. The following table shows the company's short-run average total cost (SRATC) each month for various levels of production if it uses one, two, or three factories. (Note: Q equals the total quantity of bikes produced by all factories.) Number of Factories Q = 100 1 2 3 78°F Sunny 440 620 800 F2 Q = 200 F3 280 380 480 O Average Total Cost (Dollars per bike) Q = 300 Q = 400 240 240 320 F4 320 240 240 Suppose Ike's Bikes is currently producing 100 bikes per month in its only factory. Its short-run average total cost is $ F5 Q = 500 480 Suppose Ike's Bikes is expecting to produce 100 bikes per month for several years. In this case, in the long run, it would choose to produce bikes using On the following graph, plot the three SRATC curves for Ike's Bikes from the previous table. Specifically, use the…arrow_forwardGinny is a hard-working college senior. One Sunday, she decides to work nonstop until she has answered 150 practice problems for her math course. She starts work at 8:00 AM and uses a table to keep track of her progress throughout the day. She notices that as she gets tired, it takes her longer to solve each problem. Time Total Problems Answered 8:00 AM 0 9:00 AM 60 10:00 AM 105 11:00 AM 135 Noon 150 Use the table to answer the following questions. The marginal, or additional, gain from Ginny’s second hour of work, from 9:00 AM to 10:00 AM, is problems. The marginal gain from Ginny’s fourth hour of work, from 11:00 AM to noon, is problems. Later, the teaching assistant in Ginny’s math course gives her some advice. “Based on past experience,” the teaching assistant says, “working on 52.5 problems raises a student’s exam score by about the same amount as reading the textbook for 1 hour.” For simplicity, assume students always cover the same…arrow_forwardRaphael is a hard-working college senior. One Saturday, he decides to work nonstop until he has answered 100 practice problems for his math course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem. Time Total Problems Answered 8:00 AM 9:00 AM 40 10:00 AM 70 11:00 AM 90 Noon 100 Use the table to answer the following questions. The marginal, or additional, gain from Raphael's first hour of work, from 8:00 AM to 9:00 AM, is problems. The marginal gain from Raphael's third hour of work, from 10:00 AM to 11:00 AM, is problems. Later, the teaching assistant in Raphael's math course gives him some advice. "Based on past experience," the teaching assistant says, "working on 15 problems raises a student's exam score by about the same amount as reading the textbook for 1 hour." For simplicity, assume students always cover the same number of pages during each hour they spend…arrow_forward
- Time Total Problems Answered 8:00 AM 9:00 AM 40 10:00 AM 70 11:00 AM 90 Noon 100 Use the table to answer the following questions. The marginal, or additional, gain from Manuel's first hour of work, from 8:00 AM to 9:00 AM, is problems. The marginal gain from Manuel's third hour of work, from 10:00 AM to 11:00 AM, is problems. Later, the teaching assistant in Manuel's physics course gives him some advice. "Based on past experience," the teaching assistant says, "working on 25 problems raises a student's exam score by about the same amount as reading the textbook for 1 hour." For simplicity, assume students always cover the same number of pages during each hour they spend reading. Given this information, in order to use his 4 hours of study time to get the best exam score possible, how many hours should he have spent working on problems, and how many should he have spent reading? O 1 hour working on problems, 3 hours reading O 2 hours working on problems, 2 hours reading O 3 hours…arrow_forwardF a) Draw the demand process cycle and label it fully. b) A door company has the following materials in inventory. Inspect the table below and answer the following questions Material Average (in Kilograms) Price Aluminum 3884 $3.0 Steel 5850 $1.4 Iron 200 $1 Work in Progress Average Price Fence 78 230 Final Products Average Price Door 300 300 Window 550 240 i. Calculate the number of turns. ii. Calculate the cost per day.arrow_forwardThe following graph illustrates the weekly demand curve for motorized scooters in Roanoke. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. PRICE (Dollars per scooter) 260 240 220 200 180 160 140 120 100 80 60 40 20 0 0 9 18 27 A X B Demand 36 45 54 63 72 81 QUANTITY (Scooters) 90 99 108 117 Total Revenue ?arrow_forward
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