What entry fee should james charge

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Reference no: EM133625969

Problem: James teaches a yoga class at his local recreation center. The center charges him a fixed fee to rent the space he needs (but allows him to keep the remaining revenue . He has decided to charge each student an entry fee to enroll in the class, as well as an additional fee for each class attended. All his students are alike, in the sense that each one's demand is given by = 24 - where denotes the price per class (in dollars and denotes the number of classes attended. Suppose that James has three children and a partner with a full-time, demanding job. Thus, the more hours he spends away from home, the higher the cost to him and his family. In other words, James's marginal cost from teaching one more class is not constant. Rather, as he adds more classes, his marginal cost rises. Specifically, the marginal cost for each class (per student is equal to 2. What entry fee should James charge? How much should he charge for each class attended? Briefly explain the logic behind your answers?

Reference no: EM133625969

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