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!"Bags/ParticipantsFixed CostVariable CostTotal CostAverage Variable CostMarginal CostTotal Revenue wt Price $20Marginal RevenueTotal Profit0170001700 0 -170010017005002200a3a200020-200200170012002900b3b4000201100300170027004400c3c6000201600400170052006900d3d80002011005001700900010700e3e1000020-70060017001500016700f3f1200020-470070017002380025500g3g1400020-1150080017003680038500h3h1600020-2250090017005580057500i3i1800020-39500100017008300084700j3j2000020-64700a.____________b.____________c.____________d____________e______________f.g.____________h._____________i.______________j.______________

* Average variable cost:- When variable cost is divided by output amount, the result is the average…

Answered: You are serving as the chair for your…

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter13: best-practice Tactics: Game Theory

Section: Chapter Questions

Problem 1.4CE

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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!"

Bags/ Participants	Fixed Cost	Variable Cost	Total Cost	Average Variable Cost	Marginal Cost	Total Revenue wt Price $20	Marginal Revenue	Total Profit
0	1700	0	1700			0		-1700
100	1700	500	2200	a	3a	2000	20	-200
200	1700	1200	2900	b	3b	4000	20	1100
300	1700	2700	4400	c	3c	6000	20	1600
400	1700	5200	6900	d	3d	8000	20	1100
500	1700	9000	10700	e	3e	10000	20	-700
600	1700	15000	16700	f	3f	12000	20	-4700
700	1700	23800	25500	g	3g	14000	20	-11500
800	1700	36800	38500	h	3h	16000	20	-22500
900	1700	55800	57500	i	3i	18000	20	-39500
1000	1700	83000	84700	j	3j	20000	20	-64700

a.____________

b.____________

c.____________

d____________

e______________

g.____________

h._____________

i.______________

j.______________

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Refer to the tables in Questions 2 and 3 to identify which of the below is correct. Select all statements that are true. Look at the two previous questions submitted please

		At the breakeven point TR - TC = 0
		The profit maximizing quantity of participants/bags is MR ≥ MC 300
		The profit maximizing quantity of participants/bags MR ≤ MC 400
		Using Qb = F/(MR – AVC) the breakeven quantity of participants/bags is 113

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