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Paha777 [63]
2 years ago
9

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

e the executives also know that 200 students are willing to pay $8 for admission on a weekday. The cost of operating the museum on a weekday is $2,000. How much profit will the museum earn if it engages in price discrimination?
Business
1 answer:
Hitman42 [59]2 years ago
3 0

Answer:

If the museum engages in price discrimination and decides to take both "contracts" (adults and students), the profit the museum will earn is $800.

And it goes like this:

Adults: 100 x $12 = 1.200

Students: 200 x $8 = 1.600

Income: 1.200 + 1.600 = 2.800 total incomes if both contracts happens in the same day.

Profit: 2.800 (Income) - 2.000 (costs) = 800 profit

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Answer:

Future value = 16007.81437

Explanation:

we have to compound all the rates for the time period together as the 7,750 as exposed to this rate and their interest generated in one period are taking into consideration for the subsequent period interest calculations.

7,750 (1.06)^3(1.066)^2(1.073)^6 = FV

We multiply them and get the future value factor:

7,750 \times 2.065524435 = FV

we now can solve for future value:

Future value = 16007.81437

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3 years ago
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3 years ago
For a market to be competitive:a. each buyer and seller is small, relative to the whole market; no single decision-maker has any
kirill115 [55]

Answer: Option (A) is correct.

Explanation:

Each of the buyer and seller are small when we are relating it with the whole market. so, there will be no power in the hands of a single decision maker and if a firm wants to change their prices then it will not have any influence on the market price. In a competitive market, there are large number of buyers and sellers, thus, one buyer or seller doesn't have any impact on the market price.

7 0
3 years ago
An organization has experienced significant turnover among its creative writers. During exit interviews, the writers have expres
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Answer:

Establish a work/life program that allows flexibility.

Explanation:

In the case when there is the exit interviews so the writer would shows the dissatisfaction also there is less recognition towards the work and the poor communication between the managers and employees

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So as per the given situation, the above statement should be the answer

7 0
2 years ago
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ahrayia [7]

Answer: The correct answer is "D. equal to MR, MC, and minimum ATC.".

Explanation: In long-run equilibrium, a purely competitive firm will operate where price <u>is equal to MR, MC, and minimum ATC.</u>

In perfect competition the companies are accepting price, therefore they will produce as long as the price is equal to the marginal cost and the marginal income thus ensures that the sale of each unit of product does not cost more than the profit obtained from the sale. of this and when the average total cost, that is, the total cost of producing each unit of product, is the least possible.

4 0
3 years ago
Read 2 more answers
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