The First Step in the Tourism Planning Process Should Be

question 5

Multiple Choice

The first step in the tourism planning process should be to

• A) formulate the goals and objectives.
• B) monitor the results.
• C) implement the plan.
• D) analyze the existing situation and determine what needs to be done to meet the set goals and objectives.
• E) develop action plans for each element.

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Definitions:

Marginal Cost Curve

A graphical representation showing how the cost of producing one additional unit of a good varies.

Average Total Cost

The per unit cost of production, computed by dividing the total cost of production by the total quantity of output.

Average Fixed Cost

The fixed costs of production (costs that do not change with the level of output) divided by the quantity of output produced.

Marginal Costs

The expense incurred from manufacturing an extra unit of a product or service.