Laurent Carriage Company offers guided horse-drawn carriage rides through historic Montreal. The carriage business is highly regulated by the city. Laurent Carriage Company has the following operating costs during April: Monthly depreciation expense on carriages and stable. . . . . . $2,800 Fee paid to Quebec City. . . . . . . . . . . 20% of ticket revenue Cost of souvenir set of postcards given to each passenger. . . . . . . $0.60/set of postcards Brokerage fee paid to independent ticket brokers (60% of tickets are issued through these brokers; 40% are sold directly by the Laurent Carriage Company). . . . . . .$1.80/ticket sold by broker Monthly cost of leasing and boarding the horses. . . . . . . . . . . . . . . .$47,000 Carriage drivers (tour guides) are paid on a per-passenger basis. . . . .$4.80 per passenger Monthly payroll costs of non-tour-guide employees. . . . . . . . .$9,100 Marketing, website, telephone, and other monthly fixed costs. . . . . .$7,600 During April (a month during peak season) Laurent Carriage Company had 13,700 passengers. 75% of passengers were adults ($22 fare)