aryan plans to offer the services for $45 per lesson, as (A) Write down the total cost as a function, in terms of n, being the number of students.  (B) Write down the total revenue as a function, in terms of n, for n students.  (C) Complete the table below by calculating the total cost, the total revenue, and the profit for n students

Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter4: Extent (how Much) Decisions
Section: Chapter Questions
Problem 3MC
icon
Related questions
Question

can you help me with is question and can you show all the steps, please?

Aaryan is considering running an Economics home-tuition service.

The weekly costs are:

  • $440 for car hire.
  • $5 per client for petrol and the supply of materials (paper and other stationery).

Aaryan plans to offer the services for $45 per lesson, as

(A) Write down the total cost as a function, in terms of n, being the number of students. 

(B) Write down the total revenue as a function, in terms of n, for n students. 

(C) Complete the table below by calculating the total cost, the total revenue, and the profit for n students                                                                                                 

n students

0

5

10

15

Cost(n)

 

 

 

 

Revenue(n)

 

 

 

 

Profit(n)

 

 

 

 

Expert Solution
steps

Step by step

Solved in 4 steps with 10 images

Blurred answer
Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question

Can you help me with these additional questions and can you show all the steps, please?

(A) Aaryan is given some market research about home tuition. In particular, the demand curve as a function of price is Qd(P)=475/P. Will Aaryan’s business be profitable if the lesson fee of $45 is charged, as planned? Explain your answer.    

(B) Aaryan wants at least $15 per week in profit from this business. Can he adjust the price to be able to do this assuming the market research is correct?

Solution
Bartleby Expert
SEE SOLUTION
Follow-up Question

Can you help me with these additional questions and can you show all the steps, please?

(A) How many students does Aaryan need to tutor to break even? 

(B) Aaryan is given some market research about home tuition. In particular, the demand curve as a function of price is Qd(P)=475/P. Will Aaryan’s business be profitable if the lesson fee of $45 is charged, as planned? Explain your answer.    

(C) Aaryan wants at least $15 per week in profit from this business. Can he adjust the price to be able to do this assuming the market research is correct?

 

Solution
Bartleby Expert
SEE SOLUTION
Knowledge Booster
Correlation Coefficient
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Microeconomic Theory
Microeconomic Theory
Economics
ISBN:
9781337517942
Author:
NICHOLSON
Publisher:
Cengage
Micro Economics For Today
Micro Economics For Today
Economics
ISBN:
9781337613064
Author:
Tucker, Irvin B.
Publisher:
Cengage,
Survey Of Economics
Survey Of Economics
Economics
ISBN:
9781337111522
Author:
Tucker, Irvin B.
Publisher:
Cengage,
Economics For Today
Economics For Today
Economics
ISBN:
9781337613040
Author:
Tucker
Publisher:
Cengage Learning
Exploring Economics
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc