Quiz with 9 questions

Help me study for my Economics class. I’m stuck and don’t understand.

I would attached the quiz but here the first three questions

1. You are serving as the chair for your community’s annual wellness campaign. A key event is the annual Walk 3k, Run 10k, Ride 20k event. The event is staged entirely by volunteers and the goal is to attract community-wide awareness of getting active as a key step to wellness. In other words, the goal is not to raise money, but to prompt awareness. As the chair, you set a financial goal to break even on the one and only cost of the event, a fitness bag with the community seal and the event motto, “I AM ON THE RIGHT TRACK!”

The cost of the bags, which must be ordered in batches of 100, are:

Bags

Fixed Cost

Variable Cost

Total Cost

Marginal Cost

0

$1,700

$ –

$1,700

100

$1,700

$500

$2,200

200

$1,700

$1,200

$2,900

300

$1,700

$2,700

$4,400

400

$1,700

$5,200

$6,900

500

$1,700

$9,000

$10,700

600

$1,700

$15,000

$16,700

700

$1,700

$23,800

$25,500

800

$1,700

$36,800

$38,500

900

$1,700

$55,800

$57,500

1,000

$1,700

$83,000

$84,700

Bags

Fixed Cost

Variable Cost

Total Cost

0

$1,700

$ –

$1,700

100

$1,700

$500

$2,200

200

$1,700

$1,200

$2,900

300

$1,700

$2,700

$4,400

400

$1,700

$5,200

$6,900

500

$1,700

$9,000

$10,700

600

$1,700

$15,000

$16,700

700

$1,700

$23,800

$25,500

800

$1,700

$36,800

$38,500

900

$1,700

$55,800

$57,500

1,000

$1,700

$83,00

$84,700

2. Given the above information on cost, if you charge $15 per entry, what is the breakeven quantity of bags that you should order? Orders must be placed in blocks of 100 bags.

Please select any/all viable approaches below:

Use the profit maximizing rule, MR ≥ MC, buy 300 bags.

Use the profit maximizing rule, MR ≥ MC, buy 200 bags.

Use Qb = F/(MR-MC) where Qb is the breakeven quantity to be determined, the optimal quantity of bags is 300.

Use Qb = F/(MR-MC) where Qb is the breakeven quantity to be determined, the optimal quantity of bags is 200.

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