Suppose executives at an art museum know that 100 adults are willing to pay $12 for admission to the museum on a given weekday.
1 answer:
The museum will earn $600 on a weekday.
<h3>What is an art museum?</h3>
- A structure or area designated for the exhibition of art, typically from the museum's own collection, is known as an art museum or gallery.
- It may be owned by the government or a private individual, and access may be open to everyone or subject to limitations.
- An executive manages operational activities for their company or organization and is typically in charge of developing policies and strategies to achieve organizational objectives.
- Executives frequently travel to conferences, meetings, and local, regional, national, and worldwide offices.
Adults willing to pay = 100 and their fees = $12.
Students are willing to pay = 200 and their fees = $8.
Operating cost of museum = $2,200.
To find the profit, do the following:
Therefore, the museum will earn $600 on a weekday.
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Answer:
1) 10%
2) Depends on the selling price
Please see the attachment
Explanation:
We have 2 scenarios. In both cases we have to calculate the income as the product of the selling price by the units sold, and then we must calculate the increasing percentage to compare the actual value with the last year value.
Let's see the attachment and consider that:
P is the selling price of the sofas
x is the units sold
So, the income is the result of the selling price, by the units sold, respectively for each year. Then, the increase is the ratio between the actual year income minus last year income, over last year income. Finally, the increase percentage is the result of multiplying the increase value, by 100.
We can conclude that for the first scenario, the selling increase percentage is 10%, meanwhile, for the second scenario, the selling increase percentage depends on the selling price; that means, the higher the selling price, the increase percentage will be lower, but anyway, there will be increase.
