Question

A venue plans to host trucking events regularly throughout the year. The expected revenue from each event is $100,000. The cost for hosting this type of event is $50,000 per event. If the venue wants to make a total profit margin of $2,350,000, how many events does the venue have to host throughout the year?

Answer 1

Answer:

The venue has to host 47 events throughout the year

Step-by-step explanation:

Profit:

Profit is revenue subtracted by costs.

Per event:

$100,000 revenue

$50,000 costs

$100,000 - $50,000 = $50,000 profit.

If the venue wants to make a total profit margin of $2,350,000, how many events does the venue have to host throughout the year?

1 event - $50,000 profit.

x events - $2,350,000 profit.

$50000x = 2350000$

$x = \frac{2350000}{50000}$

$x = 47$

The venue has to host 47 events throughout the year