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Problem:
James started a kiosk business in 2021 whose main product was milk. Suppose James started the business from his own premises from which his rental earning was AUD 3,000 per month. The table below represents James' April 2021 business summary:
Item
Cost
1 Milk truck
AUD 40,000
Milk stainless cans
AUD 20,000
Milk cooler
AUD 10,000
2 litre milk packs (Number of packs bought depend on demand. Assume this is the average expenditure per month)
Milk production per day 500 litres Note: Assume 56,000 litres are produced per month. Also assume all the milk produced is bought
Use the table to answer the questions below.
a. Calculate James's fixed cost and average fixed cost.
b. Calculate James's variable cost and average variable cost.
c. Assume James sells milk at AUD 2 per liter. Calculate John's accounting profit and economic profit for the month of January.
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