(See Problem 7

question 5

Multiple Choice

(See Problem 7.) If the number of persons who attend the club meeting this week is X, then the number of people who will attend next week is 56 + 0.60X. What is a long-run equilibrium attendance for this club?

• A) 93.33
• B) 112
• C) 140
• D) 56
• E) 84

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Definitions:

Idle Capacity

The portion of a company's resources or production ability that is not being used in production but still incurs costs.

Special Order

A customer order that is outside the normal scope of company offerings, often requiring unique specifications, pricing, or production processes.

Fixed Manufacturing Cost

Costs that do not vary with the level of manufacturing output, including rent, salaries of permanent staff, and depreciation of factory equipment.

Modify

Alteration or adjustment to change an existing condition or set of properties.