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The following data has been collected for the August operations of Luna, a local beauty salon: Number of appointments Total Hair dresser salaries Total Manicurist
The following data has been collected for the August operations of Luna, a local beauty salon: Number of appointments Total Hair dresser salaries Total Manicurist salaries Supplies Utilities Rent Miscellaneous August 1 900 $18 000 $16 000 $ 950 $ 400 $1 000 $3 580 Required: 1. What is the cost function for Luna beauty Salon, use the table below to classify the cost outlined as either fixed or variable and then provide the total cost (TC) function in algebraic form? (5 marks) Cost Fixed Variable 2. If the average fee per appointment is $25, estimate the number of appointments that would be required in August to break even. Show all workings. [2.5 marks]
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