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dolphi86 [110]
3 years ago
11

You work as a tutor for ECON 102. You sell your services at $20/hr., and you can only tutor one person at a time. Suppose you cu

rrently have 5 clients. If it cost you on average $14/hr to tutor the first student, in order to increase profits you should. a. We need more information to answer b. Find more clients c. Lower the price d. Get rid of some clients e. Continue to see the same number of clients
Business
1 answer:
zlopas [31]3 years ago
5 0

Answer:

a. We need more information to answer

Explanation:

In order to correctly answer his question we need more information. Economy is all about the margin, i.e. marginal revenue versus marginal cost. We are given the marginal revenue ($20/hr of tutoring services) but we are not given the marginal costs of tutoring. We only know that the cost of tutoring the first hour is $14, but what about the rest of the hours. Since you have 5 clients, you must be tutoring more than 1 hour per day. It is always easier to determine the marginal revenue since we determine it, while we cannot determine which costs we would like to incur.

Profits should be maximized when marginal revenue = marginal cost, but unless we know the marginal cost of tutoring the rest of the students we simply cannot answer this question.

You might be interested in
The process by which management plans, evaluates, and controls long-term investment decisions involving fixed assets is called _
deff fn [24]

Answer:

capital investment analysis

Explanation:

This process being described is known as capital investment analysis. Like mentioned in the question this term refers to a budgeting procedure that is used in order to ultimately assess the potential profitability of a specific long-term investment. This form of analysis is usually used by large corporations/organizations that have a long-term investment which contain fixed assets such as equipment, machinery, or real estate.

7 0
3 years ago
Gordon rosel went to his bank to find out how long it will take for $1,200 to amount to $1,650 at 8% simple interest. calculate
Pachacha [2.7K]
The formula is
A=p (1+rt)
A future value 1650
P present value 1200
R interest rate 0.08
T time?
1650=1200 (1+0.08t)
Solve for t
Divide both sides by 1200
1650/1200=1+0.08t
Subtract 1 for both sides
(1650/1200)-1=0.08t
Divide both sides by 0.08
T=((1,650÷1,200)−1)÷0.08
T=4.69 years round your answer to get 5 years

Another way using the formula of simple interest
I=prt
I interest earned which can be found by subtracting the present value from the future value (A-p)=1650-1200=450.
P principle 1200
R interest rate 0.08
T time?
Solve the formula for t
T=I/pr
T=450÷(1200×0.08)
T=4.69 years round your answer to get 5 years

Hope it helps!
3 0
3 years ago
Kansas Company acquired a building valued at $162,000 for property tax purposes in exchange for 12,000 shares of its $3 par comm
Neko [114]

Answer:

$228,000

Explanation:

Value of the building

= Market price of the shares x Number of shares exchanged

= 12000x$19

=$228,000

8 0
3 years ago
Population of the city of Atlantis on March 30, 2003 = 193,000 No. of new active cases of TB occurring between January 1 and Jun
zubka84 [21]

Answer:

4.77 × 10^-4

Explanation:

Given that

Population of the city of Atlantis on March 30, 2003 = 193,000

No. of new active cases of TB occurring between January 1 and June 30, 2003 = 92

No. of active TB cases according to the city register on June 30, 2003 = 338

So, the incident rate of active cases is shown below:

= (No. of new active cases of TB occurring between January 1 and June 30, 2003) ÷ (Population of the city of Atlantis on March 30, 2003  - No. of active TB cases according to the city register on June 30, 2003)

= (92) ÷ (193,000 - 338)

= (92) ÷ (192,662)

= 4.77 × 10^-4

5 0
3 years ago
True or false? the patient should be given a receipt for payments on account even if the account is not paid in full.
Kruka [31]

The statement is True.

<h3>What does receipt mean?</h3>

  • Receipts are formal records that serve as evidence of a transaction or purchase involving money. Both stock market transactions and business-to-business exchanges issue receipts. As evidence of some expenses, receipts are also required for tax purposes.
  • A payment receipt, also known as a receipt for payment, is a record that serves as evidence of purchase. It is supplied by a company to its clients following the receipt of payment for any good or service.
  • The patient's receipt can assist you to understand this. You have a right to the patient's receipt under the law. This implies that if you request it, your doctor is required to give it to you. Its contents must be clearly explained and understandable to laypeople.

The patient should be given a receipt for payments on account even if the account is not paid in full.

The statement is True.

To learn more about the receipt, refer to:

https://brainly.in/question/39020164

#SPJ4

8 0
1 year ago
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