An amusement park that you are excited to try is $28 per visit.
You have the option to purchase a monthly membership for $90 and then pay $15 for each visit.
(4 points)
Put responses in the correct input to answer the question. Select a response, navigate to the desired input and insert the response. Responses can be selected and inserted using the space bar, enter key, left mouse button or touchpad. Responses can also be moved by dragging with a mouse.
You have plans to attend 3 times this summer. Which option is best?
You think you will visit probably about 8 times this summer. Which option is best?
You have budgeted $150 for visiting the park this summer. Which option is best?
How many visits would be approximately the break even point where both options would cost about the same?
Responses
pay per visit , buy a membership , 2 , 5 , 7 , 11
You think you will visit probably about 8 times this summer. Which option is best?
buy a membership
You have budgeted $150 for visiting the park this summer. Which option is best?
buy a membership
How many visits would be approximately the break even point where both options would cost about the same?
5
For the question: "You have plans to attend 3 times this summer. Which option is best?" the best option would be to pay per visit.
For the question: "You think you will visit probably about 8 times this summer. Which option is best?" the best option would be to buy a membership.
For the question: "You have budgeted $150 for visiting the park this summer. Which option is best?" the best option would be to buy a membership.
The break-even point where both options would cost about the same is approximately at 7 visits.
To determine which option is best, we can calculate the total cost for each scenario.
1. For 3 visits this summer:
Option 1 (Pay per visit): 3 visits * $28 per visit = $84
Option 2 (Buy a membership): $90 membership fee + 3 visits * $15 per visit = $135
In this case, the Pay per visit option is cheaper.
2. For 8 visits this summer:
Option 1 (Pay per visit): 8 visits * $28 per visit = $224
Option 2 (Buy a membership): $90 membership fee + 8 visits * $15 per visit = $210
In this case, the Buy a membership option is cheaper.
3. For a budget of $150:
Option 1 (Pay per visit): $150 / $28 per visit = approximately 5.36 visits (rounding up to 6 visits)
Total cost = 6 visits * $28 per visit = $168
Option 2 (Buy a membership): $90 membership fee + 6 visits * $15 per visit = $180
In this case, the Pay per visit option is cheaper.
4. To find the break-even point where both options cost about the same:
Let's suppose x is the number of visits.
Option 1 total cost: x visits * $28 per visit = $28x
Option 2 total cost: $90 membership fee + x visits * $15 per visit = 90 + 15x
Setting the costs equal to each other to find the break-even point:
$28x = 90 + 15x
13x = 90
x ≈ 6.92
So, the break-even point would be approximately 7 visits.
In summary:
- For 3 visits, the Pay per visit option is best.
- For 8 visits, the Buy a membership option is best.
- For a budget of $150, the Pay per visit option is best.
- The break-even point is approximately 7 visits.