Research the internet for basic economic terminology

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Reference no: EM133111280

Allison and Katelyn decided to contribute to a school bake sale. They signed up to make Babycake pops with their new Babycake pop maker. The girls will need to purchase a variety of supplies such as cake mix, frosting, sprinkles, and of course...the decorating kit.

Research the internet for basic economic terminology that includes Demand, Law of Demand, Fixed Cost, Variable Cost, and Revenue. Complete a write-up that includes answers to the following questions:

1. How do you define the demand of a product? How do quantity and price play a role in the demand of a product? How could the Cakepop example relate to the law of demand.

2. In basic micro-economics there are two types of costs that a business needs to consider; fixed and variable. In the Cake Pop example, list 2 items that could be considered fixed costs and 2 items that could be considered variable costs?

3. What are two factors used to calculate the revenue collected from selling a product?

Reference no: EM133111280

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