Question Description
Help me study for my Economics class. I’m stuck and don’t understand.
I would attached the quiz but here the first three questions
1. You are serving as the chair for your community's annual wellness campaign. A key event is the annual Walk 3k, Run 10k, Ride 20k event. The event is staged entirely by volunteers and the goal is to attract community-wide awareness of getting active as a key step to wellness. In other words, the goal is not to raise money, but to prompt awareness. As the chair, you set a financial goal to break even on the one and only cost of the event, a fitness bag with the community seal and the event motto, “I AM ON THE RIGHT TRACK!”
The cost of the bags, which must be ordered in batches of 100, are:
| Bags | Fixed Cost | Variable Cost | Total Cost | Marginal Cost |
| 0 | $1,700 | $ - | $1,700 | |
| 100 | $1,700 | $500 | $2,200 | |
| 200 | $1,700 | $1,200 | $2,900 | |
| 300 | $1,700 | $2,700 | $4,400 | |
| 400 | $1,700 | $5,200 | $6,900 | |
| 500 | $1,700 | $9,000 | $10,700 | |
| 600 | $1,700 | $15,000 | $16,700 | |
| 700 | $1,700 | $23,800 | $25,500 | |
| 800 | $1,700 | $36,800 | $38,500 | |
| 900 | $1,700 | $55,800 | $57,500 | |
| 1,000 | $1,700 | $83,000 | $84,700 | |
| Bags | Fixed Cost | Variable Cost | Total Cost | |
| 0 | $1,700 | $ - | $1,700 | |
| 100 | $1,700 | $500 | $2,200 | |
| 200 | $1,700 | $1,200 | $2,900 | |
| 300 | $1,700 | $2,700 | $4,400 | |
| 400 | $1,700 | $5,200 | $6,900 | |
| 500 | $1,700 | $9,000 | $10,700 | |
| 600 | $1,700 | $15,000 | $16,700 | |
| 700 | $1,700 | $23,800 | $25,500 | |
| 800 | $1,700 | $36,800 | $38,500 | |
| 900 | $1,700 | $55,800 | $57,500 | |
| 1,000 | $1,700 | $83,00 | $84,700 |
2. Given the above information on cost, if you charge $15 per entry, what is the breakeven quantity of bags that you should order? Orders must be placed in blocks of 100 bags.
Please select any/all viable approaches below:
| Use the profit maximizing rule, MR ≥ MC, buy 300 bags. | ||
| Use the profit maximizing rule, MR ≥ MC, buy 200 bags. | ||
| Use Qb = F/(MR-MC) where Qb is the breakeven quantity to be determined, the optimal quantity of bags is 300. | ||
| Use Qb = F/(MR-MC) where Qb is the breakeven quantity to be determined, the optimal quantity of bags is 200. |
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