ENV100Y5 Lecture : Lec 3
Get access
Related Documents
Related Questions
An amusement park, whose customer set is made up of two markets, adults and children, has developed demand schedules as follows:
The marginal operating cost of each unit of quantity is $5. Because marginal cost is a constant, so is an average variable cost. Ignore fixed costs. The owners of the amusement part want to maximize profits.
Price ($) |
Quantity |
|
Adults |
Children |
|
5 |
15 |
20 |
6 |
14 |
18 |
7 |
13 |
16 |
8 |
12 |
14 |
9 |
11 |
12 |
10 |
10 |
10 |
11 |
9 |
8 |
12 |
8 |
6 |
13 |
7 |
4 |
14 |
6 |
2 |
Calculate the price, quantity, and profit if: The amusement park charges a different price in the adult market
Please express your answers for Price and Profit in whole dollars (i.e.10.00)
Please use whole numbers for Quantity (i.e. 10, 27, 4)
Price |
Quantity |
Total Revenue |
Marginal Revenue |
Marginal Cost |
Total Cost |
MR-MC |
Profit |
Ā |
6 |
84 |
Ā |
5 |
30 |
Ā |
34 |
13 |
Ā |
91 |
7 |
5 |
35 |
2 |
56 |
12 |
8 |
96 |
5 |
5 |
40 |
0 |
Ā |
Ā |
9 |
99 |
3 |
5 |
45 |
-2 |
54 |
10 |
Ā |
100 |
1 |
5 |
50 |
-4 |
50 |
9 |
11 |
99 |
-1 |
5 |
55 |
-6 |
Ā |
Ā |
12 |
96 |
-3 |
5 |
60 |
-8 |
36 |
7 |
Ā |
91 |
-5 |
5 |
65 |
-10 |
26 |
6 |
14 |
84 |
-7 |
5 |
70 |
-12 |
Ā |
5 |
15 |
75 |
-9 |
5 |
75 |
-14 |
0 |
It is often the case that a particular value is converted into another value for the purpose of analysis. This is usually done by applying some rule(s) to perform the transformation. For example, a score of 85 might translate into a letter grade of B+. We can use an extremely useful concept in Excel to make these transformations: VLOOKUP() and HLOOKUP().
Consider a paper assignment for a group of students where the points achieved on the paper are translated in letter grades in the following way. Each paper grade is adjusted downward by the number of classes missed according to the table below:
Grade Scale | Missed Classes | Points Off | ||
94 - 100 | A | 0 - 2 | 0 | |
85 - 93 | A - | 3 - 4 | 5 | |
74 - 84 | B + | 5 - Above | 10 | |
62 - 73 | B | |||
50 - 61 | C | |||
36 - 49 | D | |||
0 - 35 | F |
Use VLOOKUP()s for the conversion of the student grade and the grade adjustment. Place the table for the lookups next to the student data and use the blank areas for your calculations.
Student Data
Student | Grade | Missed Classe(s) | Adjusted Score | New Letter Grade |
Frank | 85 | 2 | ||
Mary | 35 | 6 | ||
Elizaveta | 98 | 0 | ||
Gladys | 74 | 0 | ||
Epifania | 100 | 4 | ||
Pierre | 54 | 7 | ||
Lupe | 87 | 3 | ||
Eliyahud | 83 | 2 | ||
Hamid | 86 | 3 |
Tables for Lookups
Missed Classes | Points Off |
Table Lookup Grade | |