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Part A) Suppose a local tennis club uses a? cost-plus approach to charge members to play tennis. In? particular, the club estimates that it will cost ?$286,000 to provide 8,000 sets of tennis.
If the club marks up the average cost of producing a set of tennis 30? percent, then it will charge a price of ?$____ per set of tennis. ?(Enter your response rounded to two decimal? places).
Part B) Evaluate whether? cost-plus pricing maximizes profits.
A. ?Cost-plus pricing comes close to maximizing profits when marginal cost and average cost are roughly equal.
B. ?Cost-plus pricing comes close to maximizing profits when marginal cost is difficult to calculate.
C. ?Cost-plus pricing does not maximize profits because it does not necessarily result in a quantity where marginal revenue equals marginal cost.
D. ?Cost-plus pricing fails to maximize profits because it focuses only on average total cost and ignores marginal cost.
E. All of the above.
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