Questions 1:
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.
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.
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.
Question 2:
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 Write 9 Sentences For Your Response: What are the four basic essential elements necessary in valid contract? What is consideration? The following list briefly describes the four requirements that must be met for a valid contract to exist. If any of these elements is lacking, no contract will have been formed. 1. Agreement. An agreement to form a contract includes an offer and an acceptance. One party must offer to enter into a legal agreement, and another party must accept the terms of the offer. 2. Consideration. Any promises made by the parties must be supported by legally sufficient and bargained-for consideration (something of value received or promised to convince a person to make a deal). 3. Contractual capacity. Both parties entering into the contract must have the contractual capacity to do so. The law must recognize them as possessing characteristics that qualify them as competent parties. 4. Legality. The contract's purpose must be to accomplish some goal that is legal and not against public policy. Even if all of the requirements for a valid contract are satisfied, a contract may be unenforce- able if the following requirements are not met. 1. Voluntary consent. The consent of both parties must be voluntary. For instance, if a contract was formed as a result of fraud, mistake, or duress (coercion), the contract may not be enforceable. 2. Form. The contract must be in whatever form the law requires. Some contracts must be in writing to be enforceable. These requirements typically are raised as defenses to the enforceability of an otherwise valid contract.nnect Kapoor, Focus on Personal Finance 5th ed.: FINANCE FIN300 Summer 2017 instructions | help Question 22 (of 22) Save & Exit Submit What is the approximate market value of a bond that pays $150 interest each year if comparable Interest rates have dropped to 5%? O O $950 O $750 $3,000 $6,000Which one of the following does not describe balance of trade? O A. Balance of trade is the difference between the value of goods a country exports and the value of goods a country imports. O B. Balance of trade is equal to the sum of current account balance and financial account balance. O C. Balance of trade shows when exports are larger than imports, there is a trade surplus. O D. Balance of trade is the largest item in the current account
