Consider the Following Scenario to Answer the Following Questions: the Varsity,located

question 169

Multiple Choice

Consider the following scenario to answer the following questions: The Varsity,located in downtown Atlanta,is the world's largest drive-in restaurant.Located near the Georgia Tech campus,the drive-in attracts two distinct types of customers-college students and visitors to Atlanta.The owners are considering offering a student discount of $1 off their combo meal,which is regularly priced at $9.There are 5,000 students interested in purchasing a combo meal,with a maximum willingness to pay of $8.There are 5,000 visiting customers interested in purchasing the combo meal,with a maximum willingness to pay of $9.Assume that each customer,at most,will purchase a single meal and the marginal cost is $5.
-What will be the amount of the Varsity's total revenue before the offer of a student discount when the single price of $9 per combo meal goes into effect?

• A) $90,000
• B) $85,000
• C) $60,000
• D) $45,000
• E) $35,000

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Definitions:

Conditioned Emotional

A learned emotional response to a previously neutral stimulus through conditioning.

Acquired Fear

A type of fear that is learned through experience or conditioning, rather than innate.

White Rat

Commonly used in psychological experiments, particularly in behavioral studies, to understand learning and conditioning.

Generalization

In psychology, the tendency to respond in the same way to different but similar stimuli.