What is the average cost per day for the 3 day spa visit

Assignment Help Microeconomics
Reference no: EM132414876

Me and my friends want to stay at a spa. The spa charges $60 to enter for one day, $100 to stay for 2 days, and $130 to stay all 3 days. Me and my friends want to spend lots of time at this spa, but I don't want to pay a lot of money. But, marginal costs, shows me and my friends that 3 days is probably the best value.

What is the average cost per day for the 3 day spa visit? $_______ per person

What is the marginal cost of later adding the 3rd day extension? $_____ per person

There are 5 friends in my friend group, what would be the marginal cost of switching from the 2 day spa getaway to the three day extension?

Reference no: EM132414876

Questions Cloud

Short run firm supply curve : Each of the following situations could exist for a perfectly competitive firm in the short run. In each case, indicate whether the firm should produce
Describe critical components of cybersecurity architecture : Describe the critical components of a cybersecurity architecture. Be sure it provides defense to protect the organization's data, network, and assets.
Economic surplus at the market equilibrium points : Calculate producer surplus, consumer surplus, and economic surplus at the market equilibrium points?
Why do residents of small towns spend less : Why do residents of small towns spend less on their professional wardrobes than their counterparts in big cities? Explain.
What is the average cost per day for the 3 day spa visit : What is the average cost per day for the 3 day spa visit? What is the marginal cost of later adding the 3rd day extension?
Diminishing technical rate of substitution : Does this production function exhibit constant, decreasing, or increasing returns to scale? Diminishing marginal products?
Impact of global digital divide : Impact of global digital divide. According to authors, countries that lag behind rest of world's ICT capabilities encounter difficulties at various levels.
Find the market equilibrium : Suppose that the supplier is required to pay a per unit tax of t = $6. Draw a graph to show this change in policy compared to the no-tax policy.
What are moral pitfalls of removing correctional facilities : Chapter 8 in your text explores the ethical dilemmas faced by prison officials within the U.S. corrections system. For this discussion, evaluate the ethical.

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd