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– Nelson Mandela

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Chapter 1-1

Chapter 1-1

Q After reading Chapter 1, complete problems 1.15 and 1.25 located at the end of the chapter. Submit your solutions to Canvas no later than (NLT) August 27th, 2017 at midnight.

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1-15. a) Gina Fox is selling 20 shirts each for $15. Total revenue = Price X Quantity So, in this case the total revenue of Gina Fox = $(20 X 15) = $ 300 Now cost of the material using in one shirt is $8, which is Gina’s variable cost for the 1 shirt.) So, the variable cost of 20 shirts = $(20 X 8) = $160 b) Break even refers to the quantity of the sales where the profit is zero, which means the total cost and total revenues equals to each other.