GRADE 11, ESSAY QUESTIONS

ZION GRACE INT’L SCHOOL SYSTEM

GRADE 11, ESSAY QUESTIONS 

OUTLINE

I hope this message finds you well! As we dive deeper into our studies of the Theory of Costs, I encourage you to take some time to review and study the material we've covered so far. To help you with this, I've prepared a set of comprehensive essays and tables on the topic.

I strongly recommend that you read over them carefully, take notes, and ask any questions you may have. Understanding the Theory of Costs is crucial to your success in this course and in your future studies and career.

Please take advantage of these resources and let me know if you have any questions or need further clarification on any of the concepts covered. I'm here to support you in your learning journey and I'm excited to see what insights and ideas you'll bring to our class discussions.

Here are the questions below, read them carefully and answer them together.

1. Explain the difference between fixed costs and variable costs. Provide examples of each and illustrate them with a table or graph.

2. Discuss the concept of marginal cost and how it affects a firm's decision-making process. Provide examples and illustrate them with a graph.

3. Analyze the relationship between total costs and production output. Use a table and a graph to illustrate the concept of the cost function and explain its key characteristics.

4. Explain the concept of economies of scale and how it impacts a firm's cost structure. Provide examples and illustrate them with a graph.

5. Discuss the concept of opportunity cost and its relevance to a firm's decision-making process. Provide examples and explain how it affects the firm's cost structure and pricing strategy.

6. Analyze the difference between sunk costs and opportunity costs. Provide examples of each and illustrate them with a table or graph.

7. Discuss the difference between direct costs and indirect costs. Provide examples of each and illustrate them with a table or graph.

Wish you luck 🤞