instructions Ruby Red Movie Theater has experimented with using different numbers of workers in the concession area of the theater as well as at the ticket counter. In these experiments, Tracy, the manager of the theater, collected data on total number of buckets of popcorn as well as movie ticket sales produced per day. Tracy would like for you to analyze the data and tell her how many workers she should use each day in the concession stand area for producing popcorn and in the ticket area for producing movie ticket sales. She would also like to know how many buckets of popcorn and movie tickets will be produced/sold by those workers per day. Access the Unit IV Assignment Worksheet in Blackboard. You will complete the following in this worksheet: Part 1 Complete the tables calculating the average product, marginal product, total value product, average value product, and marginal value product. Part 2 Answer the five questions after each table as a guide to use when writing your essay. Part 3 Write an essay of at least 750 words in which you address the following: Describe your calculations in the table. Indicate the number of workers used per day where the law of diminishing marginal returns begins for producing buckets of popcorn. Indicate the number of workers used per day where the law of diminishing marginal returns begins for movie ticket sales production. Describe the shapes of both the average product and marginal product curves, and include how they compare to the average value product and marginal value product curves for both buckets of popcorn and movie tickets. Indicate the optimal number of workers per day to use and the corresponding total number of buckets of popcorn to produce. Make sure you indicate how you found this optimal number of workers and total number of buckets of popcorn. Indicate the optimal number of workers per day to use and the corresponding total number of movie tickets to sell (produce). Make sure you indicate how you determined this optimal number of workers and total number of movie tickets.

1. A physical therapy clinic faces a demand equation of Q=200-1.5P, where Q is the number of sessions booked per month and P is the price per session. The clinic currently charges $60 per session. a)What are its sales volume and total revenue per month at this price? b)What happens to volume and revenue if the price changes to $70 per session?c)Calculate the elasticity of demand. Is it inelastic, unit-elastic, or elastic?2. Some argue that the price elasticity of demand can be used to determine whether a good or service is a luxury or a necessity. In medical care, a procedure with an elastic demand would be considered optional, or elective, and procedure with an inelastic demand would be a medical necessity. Should planners use price elasticity of demand as a guide to defining services that are medically necessary? What are the advantages of such a classification scheme? What are the drawbacks?3. An individual expects that an upcoming surgery will cost $5,000. Suppose this is the first medical expense of the year for that individual (they have not paid any part of their deductible so far). The individual has an insurance plan with a $1,000 deductible followed by a 20% coinsurance for any additional medical expenses during the year. What are the expected out-of-pocket expenses for this surgery?4. Fill in the missing numbers for the following table. Make sure you are able to show your work or explain your answers. (Note: I've posted two additional videos in the Module 5 lesson content that should help with solving this problem).QVCTCAFCAVCATCMC0 60n/an/an/a n/a14 2 3 3 75 94 15 23 545 10 11 20 17 PreviousNext