Problem:
Question 1: The Retread Tire Company
The Retread Tire Company recaps tires. The fixed annual cost of the recapping operation is $60,000. The variable cost of recapping a tire is $9. The company charges $25 to recap a tire.
Use this information to solve the following problems:
For an annual volume of 12,000 tires, determine the total cost, total revenue, and profit.
Determine the annual break-even volume for the Retread Tire Company operation.
Question 2: Applying Critical and Creative Thinking in Daily Life
Every day, we use critical and creative thinking to solve problems. This assignment asks you to look at your own life and understand the way you solve problems. This reflection will reveal how skilled you are at critical and creative thinking, and it will help build a foundation for concepts we will cover later in class.
Introduce and describe a problem in your life. This can be a simple or a complex problem such as completing homework, doing chores, planning a vacation, budgeting, work issues, and buying a new car. Be as specific as possible here.
Then, define creative and critical thinking. You may use the definitions in your textbook or come up with definitions of your own that will work for your specific problem. If you use the textbook definition, be sure to cite it in proper APA format.
Next, identify and describe how both creative and critical thinking helped you solve this problem in a successful way. Again, be specific and clear on how the different types of thinking helped resolve this problem.
Submission Requirements:
Submit your responses for grading in a Microsoft Word document, clearly separating Questions 1, 2, and 3.
The response to each question should be 150 to 200 words.