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Complete the following table showing the demand for snow skiing lessons per day. Do this by filling in the values for (i), (ii), and (iii). Lessons Total Revenue Average Revenue (AR= TR/Q) Marginal Revenue (MR =A TRIAQ) per Day (Q) Price (P) (TR =Px Q) $70 $0

Complete the following table showing the demand for snow skiing lessons per day. Do this by filling in the values for (i), (ii), and (iii). Lessons Total Revenue Average Revenue (AR= TR/Q) Marginal Revenue (MR =A TRIAQ) per Day (Q) Price (P) (TR =Px Q) $70 $0

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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## Demand Analysis for Snow Skiing Lessons ### Instructions: Complete the following table showing the demand for snow skiing lessons per day by filling in the values for (i), (ii), and (iii). ### Demand Table: | Lessons per Day (Q) | Price (P) | Total Revenue (TR = P × Q) | Average Revenue (AR = TR/Q) | Marginal Revenue (MR = Δ TR/Δ Q) | |---------------------|-----------|---------------------------|-----------------------------|----------------------------------| | 0 | $70 | $0 | - | - | | 1 | 65 | 65 | $65 | $65 | | 2 | 60 | 120 | 60 | 55 | | 3 | 55 | (i) | 55 | 45 | | 4 | 50 | 200 | 50 | 35 | | 5 | 45 | 225 | (ii) | 25 | | 6 | 40 | 240 | 40 | 15 | | 7 | 35 | 245 | 35 | 5 | | 8 | 30 | 240 | 30 | (iii) | ### Tasks: 1. **(i)** Calculate the Total Revenue (TR) for 3 lessons: \[ (i) = 3 \text{ lessons} \times $55 = $165 \] 2. **(ii)** Calculate the Average Revenue (AR) for 5 lessons: \[ (ii) = \frac{$225}{5} = $45 \] 3. **(iii)** Calculate the Marginal Revenue (MR) for 8 lessons: \[ (iii) = \frac{\Delta \text{TR}}{\Delta \text{Q}} = \frac{240 - 245}{8 - 7} = -5 \] ### Additional Notes: - Total Revenue (TR) is calculated by multiplying the Price (P) by the number of lessons per day (Q). - Average Revenue (AR) is the Total Revenue (TR) divided by the number of lessons per day (Q). - Marginal Revenue (MR) is the
Transcribed Image Text:## Demand Analysis for Snow Skiing Lessons ### Instructions: Complete the following table showing the demand for snow skiing lessons per day by filling in the values for (i), (ii), and (iii). ### Demand Table: | Lessons per Day (Q) | Price (P) | Total Revenue (TR = P × Q) | Average Revenue (AR = TR/Q) | Marginal Revenue (MR = Δ TR/Δ Q) | |---------------------|-----------|---------------------------|-----------------------------|----------------------------------| | 0 | $70 | $0 | - | - | | 1 | 65 | 65 | $65 | $65 | | 2 | 60 | 120 | 60 | 55 | | 3 | 55 | (i) | 55 | 45 | | 4 | 50 | 200 | 50 | 35 | | 5 | 45 | 225 | (ii) | 25 | | 6 | 40 | 240 | 40 | 15 | | 7 | 35 | 245 | 35 | 5 | | 8 | 30 | 240 | 30 | (iii) | ### Tasks: 1. **(i)** Calculate the Total Revenue (TR) for 3 lessons: \[ (i) = 3 \text{ lessons} \times $55 = $165 \] 2. **(ii)** Calculate the Average Revenue (AR) for 5 lessons: \[ (ii) = \frac{$225}{5} = $45 \] 3. **(iii)** Calculate the Marginal Revenue (MR) for 8 lessons: \[ (iii) = \frac{\Delta \text{TR}}{\Delta \text{Q}} = \frac{240 - 245}{8 - 7} = -5 \] ### Additional Notes: - Total Revenue (TR) is calculated by multiplying the Price (P) by the number of lessons per day (Q). - Average Revenue (AR) is the Total Revenue (TR) divided by the number of lessons per day (Q). - Marginal Revenue (MR) is the
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