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17 June, 06:48

The residents of the town ectenia all love economics, and the mayor proposes building an economics museum. the museum has a fixed cost of $2,400,000 and no variable costs. there are 100,000 town residents, and each has the same demand for museum visits:, where is the price of admissio

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  1. 17 June, 10:13
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    The price of admission=$24

    Explanation:

    Since the demand for the museum facility is the same for each resident, the price of admission can be calculated using the expression below;

    C=D*P

    where;

    C=total cost of museum

    D=demand

    P=admission price

    In our case;

    C=$2,400,000

    D=100,000

    P=p

    replacing;

    2,400,000=100,000*p

    100,000 p=2,400,000

    p=2,400,000/100,000=24

    The price of admission=$24
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