The number of miles a motorcycle, X, will travel on one gallon of gasoline is modeled by a normal distribution with mean 44 and standard deviation 5. If Mike starts a journey with one gallon of gasoline in the motorcycle, find the probability that, without refueling, he can travel more than 50 miles.

You have been recording how many miles you get per tank of gas, and you have found a mean of 297 and a standard deviation of 23. Use this information to answer the following question.

What is the probability you will get 300 miles out of a tank of gas?

A rocket took 300 days to travel 780,000,000 km. It carried 200. tons of propellant (density 0.986 g/mL

a) What is this in miles per hour?

b) Express the fule efficiency in miles per gallon.

Please write out the steps needed to calculate this. Thank you.

At a price of $7.75 per ticket, a musical theater group can fill every seat in their 1800 seat performance hall. For every additional dollar charged for admission, the number of tickets sold drops by 100.

a) What ticket price maximizes revenue? Round your answer to the nearest cent.
price = $

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b) How many seats are sold at that price? Round your answer to the nearest whole number.
number of seats sold =

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Student pricing at the movie theater is a common example of third-degree price discrimination. What is it about students, as compared to everyone else, that makes movie theaters want or need to charge them a lower price? Why is it important for movie theaters to make students show their IDs? Additionally, suppose a student could buy as many tickets as they wanted with their ID. How might that limit the theater’s ability to charge two drastically different prices for students and non-students?

1. When a firm’s ATC of production increases as it increases production, this firm is said to be experiencing:

A) diseconomies of scale. B) economic profit. C) economies of scale. D) a barrier to entry.

2. Suppose you represent the student government on campus. What sort of profitable price discrimination

practices can you engage in on the following services? Be specific and use different techniques for each

part.

A) Parking spaces

B) Theater productions

C) Sports events

Program this scenario in C.

Scenario:

I am in highschool and i want to go see a movie. I have a certain amount of money to spend. Matinees are $8.50 and Evening Showings are $11.75. There is a G, PG, PG-13, and R movie at the theater. Ask the highschooler their age and how much money they have. With this info determine what showtime they can go see and what movies they are not allowed to see. Make it fun by assigning movie titles instead of ratings.

Determine if the demand for the following products is price elastic or price inelastic, and explain your answer. i) Box of cereal sold in a grocery store ii) Gasoline as a commodity iii) Hotel rooms for people planning a vacation iv) Hotel rooms for people on business to meet an important client b) What principle do consumers follow to maximize the utility they derive while spending their money to buy the various products they need? (Minimum 50 words) c) Fill in the blanks in the following cost table for Julie's Jam Co. Assume that labor is the only variable input, the time period is one week and labor is paid $250 per week. Number of Workers Total Product Marginal Product Total Variable Cost Total Fixed Cost Total Cost Marginal Cost 1 10 $50 2 25 3 35 4 42 5 46 Determine if the demand for the following products is price elastic or price inelastic, and explain your answer. i) Box of cereal sold in a grocery store ii) Gasoline as a commodity iii) Hotel rooms for people planning a vacation iv) Hotel rooms for people on business to meet an important client b) What principle do consumers follow to maximize the utility they derive while spending their money to buy the various products they need? (Minimum 50 words) c) Fill in the blanks in the following cost table for Julie's Jam Co. Assume that labor is the only variable input, the time period is one week and labor is paid $250 per week. Number of Workers Total Product Marginal Product Total Variable Cost Total Fixed Cost Total Cost Marginal Cost 1 10 $50 2 25 3 35 4 42 5 46 Determine if the demand for the following products is price elastic or price inelastic, and explain your answer. i) Box of cereal sold in a grocery store ii) Gasoline as a commodity iii) Hotel rooms for people planning a vacation iv) Hotel rooms for people on business to meet an important client b) What principle do consumers follow to maximize the utility they derive while spending their money to buy the various products they need? (Minimum 50 words) c) Fill in the blanks in the following cost table for Julie's Jam Co. Assume that labor is the only variable input, the time period is one week and labor is paid $250 per week. Number of Workers Total Product Marginal Product Total Variable Cost Total Fixed Cost Total Cost Marginal Cost 1 10 $50 2 25 3 35 4 42 5 46 Determine if the demand for the following products is price elastic or price inelastic, and explain your answer. i) Box of cereal sold in a grocery store ii) Gasoline as a commodity iii) Hotel rooms for people planning a vacation iv) Hotel rooms for people on business to meet an important client b) What principle do consumers follow to maximize the utility they derive while spending their money to buy the various products they need? (Minimum 50 words) c) Fill in the blanks in the following cost table for Julie's Jam Co. Assume that labor is the only variable input, the time period is one week and labor is paid $250 per week. Number of Workers Total Product Marginal Product Total Variable Cost Total Fixed Cost Total Cost Marginal Cost 1 10 $50 2 25 3 35 4 42 5 46 Determine if the demand for the following products is price elastic or price inelastic, and explain your answer. i) Box of cereal sold in a grocery store ii) Gasoline as a commodity iii) Hotel rooms for people planning a vacation iv) Hotel rooms for people on business to meet an important client b) What principle do consumers follow to maximize the utility they derive while spending their money to buy the various products they need? (Minimum 50 words) c) Fill in the blanks in the following cost table for Julie's Jam Co. Assume that labor is the only variable input, the time period is one week and labor is paid $250 per week. Number of Workers Total Product Marginal Product Total Variable Cost Total Fixed Cost Total Cost Marginal Cost 1 10 $50 2 25 3 35 4 42 5 46 Determine if the demand for the following products is price elastic or price inelastic, and explain your answer. i) Box of cereal sold in a grocery store ii) Gasoline as a commodity iii) Hotel rooms for people planning a vacation iv) Hotel rooms for people on business to meet an important client b) What principle do consumers follow to maximize the utility they derive while spending their money to buy the various products they need? (Minimum 50 words) c) Fill in the blanks in the following cost table for Julie's Jam Co. Assume that labor is the only variable input, the time period is one week and labor is paid $250 per week. Number of Workers Total Product Marginal Product Total Variable Cost Total Fixed Cost Total Cost Marginal Cost 1 10 $50 2 25 3 35 4 42 5 46

The Little Theatre is a nonprofit organization devoted to staging plays for children. The theater has a very small full-time professional administrative staff. Through a special arrangement with the actors’ union, actors and directors rehearse without pay and are paid only for actual performances.

The Little Theatre had tentatively planned to put on six different productions with a total of 108 performances. For example, one of the productions was Peter Rabbit, which had a six-week run with three performances on each weekend. The costs from the current year’s planning budget appear below.

Some of the costs vary with the number of productions, some with the number of performances, and some are fixed and depend on neither the number of productions nor the number of performances. The costs of scenery, costumes, props, and publicity vary with the number of productions. It doesn’t make any difference how many times Peter Rabbit is performed, the cost of the scenery is the same. Likewise, the cost of publicizing a play with posters and radio commercials is the same whether there are 10, 20, or 30 performances of the play. On the other hand, the wages of the actors, directors, stagehands, ticket booth personnel, and ushers vary with the number of performances. The greater the number of performances, the higher the wage costs will be. Similarly, the costs of renting the hall and printing the programs will vary with the number of performances. Administrative expenses are more difficult to analyze, but the best estimate is that approximately 75% of the budgeted costs are fixed, 15% depend on the number of productions staged, and the remaining 10% depend on the number of performances.

After the beginning of the year, the board of directors of the theater authorized expanding the theater’s program to seven productions and a total of 168 performances. Not surprisingly, actual costs were considerably higher than the costs from the planning budget. (Grants from donors and ticket sales were also correspondingly higher, but are not shown here.) Data concerning the actual costs appear below:

Required:

1. Prepare a flexible budget for The Little Theatre based on the actual activity of the year.

2. Prepare a report for the year that shows the spending variances for all expense items.