The total cost of the ingredient is $0.84 for 6 ounces.
Define fixed cost.
The cost or expense known as fixed cost is unaffected by a short-term horizon's growth or reduction in the number of units produced or sold. To put it another way, it refers to a cost that is linked to a time period rather than a specific economic activity.
It can be viewed as costs that a business must pay regardless of the volume of business activity, such as the number of units produced or sales made. One of the two main parts of the overall manufacturing cost is the fixed cost.
Solution Explained:
Given,
1 pound = $2.25
Since 1 pound = 16 ounces
So, 16 ounces = 2.25
1 ounce = 2.25/16 = 0.14
Therefore, 6 ounces = 0.14 X 6 = 0.84
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