14 Question (6 points) You and a group of friends are planning to visit a theme

Question

14 Question (6 points) You and a group of friends are planning to visit a theme park which charges $60 for admission,$90 for a two-day pass, and $110 for a three-day pass. Your friends are interested in spending a lot of time there, but they're worried about paying a lot of money. You explain the concept of which helps them see that the additional day is a good value. a See page 256 marginal cost, 2nd attempt Part 1 (4 points) The average cost per day of a three-day pass is s The marginal cost of adding the third day is $ 10 0 See Hint per person per person Part 2 (2 points) See Hint If there are 7 people in your group, the group's marginal cost of switching from the two-day pass to the three-day pass is 9 OF 17 QUESTIONS COMPLETED 5 3 4 5 6

Explanation / Answer

Average cost = total cost/quantity = 110/3 = $36.67

Marginal cost = 110-90 = $20

Marginal cost of group = 20(7) = $140

Related Questions

Navigate

• Browse (All)
• Browse 1
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.