Question:

Your family recently began operating a car wash at a beach resort. There are many other car washes at this beach resort. You have observed that the customers care only about finding the cheapest price for car washes; they do not care which company they use. Your family purchased the equipment and the building for the car wash. They spent $1,000 of their savings to go towards this purchase. To cover the rest of this expense, they took out a small business loan. The cost of the loan comes to $15 per day for the next 3 years. The business must hire labor and purchase cleaning solutions, car wax, etc. to operate the car wash. After some research you have figured out that the cost for labor and supplies is as follows:

1. Use the information above to calculate total costs, average variable costs, and average total costs.(Hint: Identify fixed costs. Use fixed costs and variable costs to calculate total costs first.)

Assume the profit-maximizing price for each car wash is equal to marginal cost.

If price drops below average variable cost, the car wash should shut down.

When the beach resort is in-season, you have observed that you can charge a price of $14.00 per car wash. When the resort is off-season, the demand for car washes is much lower. You only able to charge a price of $4.67 per car wash. Right now the resort is in-season. Currently you are selling 17 car washes per day.

2. Using your calculated costs, draw a graph demonstrating the relevant production costs (average variable, total variable and marginal) of your car wash.(Hint: only apply the relevant numbers from your table, don't try to include all numbers.) Clearly label all axes and lines.

3. Your family needs your advice. Provide one recommendation for how your family can improve profits during the in-season and one recommendation of how to increase efficiency in the off-season.

A study of the career plans ofyou ng women and men sent questionnaires to all 7'22 members of the senior class of a particular college. ICline question asked which majorwithin the business program the student had chosen. Here are the data from the students who responded: _ _Im -- II II II [a] Describe the differences between the distributions of majors for women and men with percents. (Round your answers to two decimal places] Administration Finance Describe the differences between the distributions of majors for women and men in words. The biggest difference between women and men is in ---Select-- accounting administration economics nance . The field of ---Sele~::t-- accounting administration economics nance was the field most often selected by men. [b] What percent ofthe. students did not res pond to the questionnaire? The non respo rise weakens conclusio ns drawn from these data. {Round your answer to one decimal place} as Which ofthe following is correct MM propostion in a world oftaxes is based on the assumption that corporate taxes are lower than personal taxes MM proposition in a Iworld of taxes is based on the assumption that corporate taxes are equal to personal taxes When both corporate and personal taxes are considered. the value of the firm initially declines with debt and then starts to increase. When both personal and corporate taxes are considered.debt nancing no longer increases the value of the rm When both personal and corporate taxes are considered. debt financing still increases rm value but to a lesser extent compared to when personal taxes are zero If a Professor of Sociology said that all corporations are greedy and that they are the cause of social and income inequality because that was their personal opinion on this issue, then what kind of statement is this? Multiple Choice O Normative Economics O None of the above. O Positive Economics O A very logical and well thought out statement.Under a Homeowners 3 (H03) policy Tunde's personal property is covered to a $100,000 limit. This includes some things at her beach cottage. What is the limit of coverage for personal property at the cottage? If? 1 - $10,000 "77" 2- $20,000 7'.\"- 3- $40,000 'F 4 $50,000