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

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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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)

 

 

 

 

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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?

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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?

 

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