in your own personal life, what are some fixed and variable costs you have?

How would you derive marginal cost from total cost?

A student once said she 'didn't believe in sunk costs. She meant that the idea that 'some costs are sunk and shouldn't be accounted for in making decisions' didn't make sense and that all costs associated with a project were important. Do you think the concept of sunk costs is important to business decision-making? Why or why not?

How does fixed cost affect marginal cost? Why is this relationship important?

Is fixed cost always smaller than total cost ?

What are different types of costs involved in production of goods and services? Analyze the relationship between cost and productivity in the short run.

Firms are facing a lot of challenges when dealing with their costs of production. Analyze a fixed and variable cost in a fast food restaurant and how this cost will impact their operations when their business starts to grow.