Outline the methodology and data collection requirements for a business report, including fixed costs, variable costs, total cost, revenue, and profit calculations.

Here are the requirements for the Methodology and Data Collection and Presentation sections:

• 2. Methodology

  • Explain how data was collected (e.g., interview, observation).
  • Indicate the period of data collection (e.g., daily or weekly).

• 3. Data Collection and Presentation Students must present the following:

  • a) Fixed Costs (TFC)
    • Costs that do not change with output (e.g., rent, equipment).
  • b) Variable Costs (TVC)
    • Costs that change with production (e.g., raw materials, fuel).
  • c) Total Cost (TC)
    • $TC = TFC + TVC$
  • d) Revenue (TR)
    • $Selling\ price \times quantity\ sold$
  • e) Profit or Loss
    • $Profit = TR - TC$ Data should be presented in tables and/or charts where appropriate.