Need help solving this with excel. Please provide steps on how to do this, professor doesn't give clear directions and I need to learn. **Micromedia Computer Training Seminar Cost and Profit Models**Micromedia offers computer training seminars on a variety of topics. In these 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 $555 per student. The cost for the conference room, instructor compensation, lab assistants, and promotion is $7,150. Micromedia rents computers for its seminars at a cost of $115 per computer per day.Let's develop cost and profit models for this seminar:### (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.\[ x = \]---Note: In each blank, you would typically insert the correct formula derived from the given parameters. For example, the cost model would consider fixed costs and variable costs per student, while the profit model would deduct the total costs from the total revenue generated by tuition fees. The break-even point calculation identifies the number of students needed to cover all costs.

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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 $555 per student. The cost for the conference room, instructor compensation, lab assistants, and promotion is $7,150. 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) = $

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 $555 per student. The cost for the conference room, instructor compensation, lab assistants, and promotion is $7,150. 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) = $

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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