1. Assume you are going to start a business selling iced tea and that it takes 11 tea bags and one lemon for two quarts of the beverage. Assume whatever other costs you think will be incurred to get the beverage into the hands of a customer and that you will be selling this through a stand on your front lawn. How many quarts of iced-tea will you have to sell to earn your dream salary for the first year? (Dream salary = 100,000, Pick your own estimated costs).
2. Identify what costs are fixed and variable in your situation.