Assignment:
What are the differences between short run and long run costs? Please choose a business (for ex: restaurant, donut shop, ice cream shop, school, day care center...) and answer the following questions and write a short essay about "Economic Costs of [Your business name inserts here]".
1. What are the costs of doing business? Equipment, supplies, salaries, rent, utilities, and insurance are just some of these expenses. Try to include as many costs as you can.
2. What do you think are the fixed costs associated with your business?
3. What do you think are the variable costs associated with your business?
4. How much do you think it costs the business to add one more product? ( if it is an ice cream shop, and product is ice cream (adding one more ice cream)...)