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jek_recluse [69]
2 years ago
14

Suppose executives at an art museum know that 100 adults are willing to pay $12 for admission to the museum on a given weekday.

Suppose the executives also know that 200 students are willing to pay $8 for admission on the same weekday. The cost of operating the museum on that weekday is $2,200. How much profit will the museum earn in the weekday under attention if it engages in price discrimination
Business
1 answer:
e-lub [12.9K]2 years ago
5 0

The museum will earn $600 on a weekday.

<h3>What is an art museum?</h3>
  • A structure or area designated for the exhibition of art, typically from the museum's own collection, is known as an art museum or gallery.
  • It may be owned by the government or a private individual, and access may be open to everyone or subject to limitations.
<h3>Who are executives?</h3>
  • An executive manages operational activities for their company or organization and is typically in charge of developing policies and strategies to achieve organizational objectives.
  • Executives frequently travel to conferences, meetings, and local, regional, national, and worldwide offices.
<h3>Solution -</h3>

Adults willing to pay = 100 and their fees = $12.

Students are willing to pay = 200 and their fees = $8.

Operating cost of museum = $2,200.

To find the profit, do the following:

(100 * 12) + (200 * 8) = 1200 + 1600 = 2800\\2800 - 2200 = 600

Therefore, the museum will earn $600 on a weekday.

Know more about operational activities here:

brainly.com/question/25530656

#SPJ4

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Suppose that disposable income, consumption, and saving in some country are $200 billion, $150 billion, and $50 billion, respect
Angelina_Jolie [31]

Answer:

The APC before change in disposable income was 0.75.

Explanation:

The average propensity to consume shows the part of income that is is consumed. It  can be calculated as the ratio of total disposable income to total consumption.

The disposable income is given as $200 billion, the consumption level is $150 billion, the savings level is $50 billion.

Average propensity to consume is

= \frac{Consumption}{Disposable\ income}

= \frac{\$ 150\ billion}{\$ 200\ billion}

= 0.75

So, the average propensity to consume is 0.75.

6 0
4 years ago
Moss, Inc. has total fixed costs of $56,000 and a contribution margin ratio of 40%. Moss wants to generate net income totaling $
Andrews [41]

At Moss’ target net income the sales revenue will be $227, 500

<u>Solution:</u>

Sales revenue required to attain target net income of $35,000 will be as follows,

\Rightarrow Fixed Cost of  $56,000 + target net income of $35,000 / Contribution margin ratio of 40% = $227, 500

$227, 500 - Most must generate sales of $227,500 to earn a net income of $35,000

5 0
4 years ago
Luker Corporation uses a process costing system. The company had $160,500 of beginning Finished Goods Inventory on October 1. It
Tems11 [23]

Answer:

E. Debit Cost of Goods Sold $839,300; credit Finished Goods Inventory $839,300.

Explanation:

The journal entry is as follows

Cost of goods sold Dr $839,300

          To Finished goods inventory $839,300

(Being the cost of goods sold is recorded)

The computation is shown below:

= Beginning balance of finished goods inventory + transferred of goods completed - ending balance of finished goods inventory

= $160,500 + $837,000 - $158,200

= $839,300

4 0
4 years ago
What term is used to describe the process of developing the organization's objectives and translating those into courses of acti
DiKsa [7]

Answer:

Planning.

Explanation:

Planning is a term used to describe the process of developing the organization's objectives and translating those into courses of action.

This ultimately implies that, planning is a strategic technique used by organizations to make an aggregate plan for its manufacturing (production) process typically ahead of time, in order to have an idea of the level of goods are to be produced and what resources are required so as to reduce the total cost of production to its barest minimum.

Hence, planning is an attempt to develop organizational objectives, goals, and forecasting of consumer demands within the criteria set by product, production process and distribution methods i.e within the intermediate range of its capacity.

7 0
3 years ago
Which of the following is correct regarding expectancy theory? Group of answer choices Effort is only useful in improving motiva
madam [21]

"An effort is only useful in improving motivation levels in employees with specialized jobs" is correct regarding expectancy theory.

<h3>What is expectancy theory?</h3>

Victor Vroom of the Yale School of Management put forth the expectation hypothesis in 1964. According to the expectation theory, a person's motivation is determined by their level of desire for a reward, their assessment of the likelihood that their efforts will result in the expected performance (Expectancy), and their conviction that their efforts will pay off once they meet their expectations (Instrumentality).

Expectancy is the conviction that stronger efforts will yield better results. Expectations are affected by things like having the necessary skills to do the job, having access to the resources you need, being able to receive the information you need, and receiving the necessary support to get the task done.

Learn more about expectancy theory here:

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5 0
2 years ago
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