Micromedia offers computer training seminars on a variety of topics. In the seminars each student works at a personalcomputer, practicing the particular activity that the instructor is presenting. Micromedia is currently planning a two-dayseminar on the use of Microsoft Excel in statistical analysis. The projected fee for the seminar is $610 per student. The costfor the conference room, instructor compensation, lab assistants, and promotion is $12,160. Micromedia rents computersfor its seminars at a cost of $115 per computer per day.(a) Develop a model for the total cost (C) to put on the seminar. Let x represent the number of students who enroll inthe seminar.C =(b) Develop a model for the total profit (P) if x students enroll in the seminar.P =(c) Micromedia has forecast an enrollment of 55 students for the seminar. How much profit will be earned if their forecastis accurate?P(55) = $(d) Compute the break-even point.

The total cost incurred by a firm in a competitive market includes fixed costs and variable costs.…

Micromedia offers computer training seminars on a variety of topics. In the seminars each student works at a personal computer, practicing the particular activity that the instructor is presenting. Micromedia is currently planning a two-day seminar on the use of Microsoft Excel in statistical analysis. The projected fee for the seminar is $610 per student. The cost for the conference room, instructor compensation, lab assistants, and promotion is $12,150. Micromedia rents computers for its seminars at a cost of $115 per computer per day. (a) Develop a model for the total cost (C) to put on the seminar. Let x represent the number of students who enroll in the seminar. C = (b) Develop a model for the total profit (P) if x students enroll in the seminar. P = (c) Micromedia has forecast an enrollment of 55 students for the seminar. How much profit will be earned if their forecast is accurate? P(55) = $ (d) Compute the break-even point.

Micromedia offers computer training seminars on a variety of topics. In the seminars each student works at a personal computer, practicing the particular activity that the instructor is presenting. Micromedia is currently planning a two-day seminar on the use of Microsoft Excel in statistical analysis. The projected fee for the seminar is $610 per student. The cost for the conference room, instructor compensation, lab assistants, and promotion is $12,150. Micromedia rents computers for its seminars at a cost of $115 per computer per day. (a) Develop a model for the total cost (C) to put on the seminar. Let x represent the number of students who enroll in the seminar. C = (b) Develop a model for the total profit (P) if x students enroll in the seminar. P = (c) Micromedia has forecast an enrollment of 55 students for the seminar. How much profit will be earned if their forecast is accurate? P(55) = $ (d) Compute the break-even point.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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