Max and Maddy Charge People to Park on Their Lawn

question 85

Multiple Choice

Max and Maddy charge people to park on their lawn while attending a nearby craft fair.At the current price of $10,seven people park on their lawn.If they raise the price to $15,they know that only five people will want to park on their lawn.Whether they have seven or five cars parked on their lawn does not affect their costs.From this information it follows that

• A)they should leave the price at $10.
• B)it does not matter if they charge $10 or $15.
• C)they would do better charging $15 than $10.
• D)they should raise the price even more.

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Definitions:

Demographic Data

Information collected about the characteristics of human populations, such as age, gender, and income levels.

Demographic Transition

A theory describing the transition from high birth and death rates to lower birth and death rates as a country develops from a pre-industrial to an industrialized economic system.

Death Rates

The mortality rate represents the amount of deaths with respect to the total population size, measured over a certain timeframe.

Birth Rates

The quantity of babies born alive per thousand individuals in a community during a specific year.