C, Dancing. Have a good rest of your day!!
Answer:
<u><em>Part 1. </em></u>
- <em>Average cost per day of a three-day pass</em> = $53.33/day per person
- <em>Marginal cost of adding the third day </em>= $190 - $160 = $30 per person
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<em><u>Part 2.</u></em>
- <em>Group's marginal cost of switching from the two-day pass to the three-day pass</em> = $180
Explanation:
The total <em>cost</em> is the <em>admission charge</em> ($60) plust the cost of the pass ($100 or $130).
For a <em>two-day pass</em> that is: $60 + $100 = $160, per person
For a <em>three-day pass</em> that is: $60 + $130 = $190, per person
<u><em>Part 1. The average cost per day of a three-day pass per person. </em></u>
The <em>average cost</em> is the total cost divided by the number of days.
- <em>Average cost</em> = $160/3days = $53.33/day per person
The <em>marginal cost of adding the third day</em> per person is found by subtracting the total cost for two days from the total cost for three days:
- <em>Marginal cost of adding the third day</em> = $190 - $160 = $30 per person
This says that althoud the average cost for the three days is $53.33 the cost of adding the third day is $30, which is much lower; thus, it is a good deal to buy a three-days pass, as they are interested in spending a lot of time there.
<u><em>Part 2. The group's marginal cost of switching from the two-day pass to the three-day pass</em></u>
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Since the <em>marginal cost of switching from the two-day pass to the three-day pass</em> is $30 per person, the marginal cost for the 6-person group is 6 times $30:
- 6 persons × $30/person = $180.
Answer:
How does the price range affect the elasticity of demand for a product?
Demand for all goods is elastic if the price is low enough.
Price range has little or no effect on elasticity of demand for a good.
Demand for a good can be inelastic at a low price, but elastic at a high price.
Demand for a good can be elastic at a low price but inelastic at a high price.
Explanation:
How does the price range affect the elasticity of demand for a product?
Demand for all goods is elastic if the price is low enough.
Price range has little or no effect on elasticity of demand for a good.
Demand for a good can be inelastic at a low price, but elastic at a high price.
Demand for a good can be elastic at a low price but inelastic at a high price.
Businesses can act ethically by being honest and fair
If a government is trying to encourage economic growth, they would do all of these things except raise taxes. Raising taxes has the opposite effect and will slow growth because it takes more money out of the economy that could be used for growth and expansion.
