Posted: August 8th, 2022

Allison and Katelyn decided to contribute to a school bake sale.

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.

For this, 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?

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.

For

this

, 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 o

f 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?

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.

For this, 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?

—–

Allison and Katelyn decided to participate in a bake sale at their school. They signed up to use their new Babycake pop maker to make Babycake pops. The girls will need to buy a number of items, including cake mix, icing, sprinkles, and, of course, a decorating tool.

For this, look up basic economic vocabulary such as Demand, Law of Demand, Fixed Cost, Variable Cost, and Revenue on the internet. Fill in the blanks with your answers to the following questions:

1. How do you define a product’s demand? What role do quantity and price play in a product’s demand? What is the connection between the Cakepop example and the law of demand?

2. In basic microeconomics, a business requires two categories of costs.

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