SCENARIO 2-3 Every Spring Semester,the School of Business Coordinates a Luncheon with Luncheon

question 81

Multiple Choice

SCENARIO 2-3
Every spring semester,the School of Business coordinates a luncheon with local business leaders for graduating seniors,their families,and friends.Corporate sponsorship pays for the lunches of each of the seniors,but students must purchase tickets to cover the cost of lunches served to guests they bring with them.The following histogram represents the attendance at the senior luncheon,where X is the number of guests each graduating senior invited to the luncheon and f is the number of graduating seniors in each category.
1
-Referring to the histogram from Scenario 2-3,how many graduating seniors attended the luncheon?

• A)4
• B)152
• C)275
• D)388

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Definitions:

Average Cost Curve

A graphical depiction showing the cost per unit of output at different levels of production, reflecting the variability in total cost over volume.

Positive Profit

A financial gain that occurs when the revenues received from business activities exceed the expenses, costs, and taxes needed to sustain the activity.

Scale of Operation

The size at which a company or factory operates, often impacting its production efficiency and costs.

Long Run

pertains to a time period in economics during which all factors of production and costs are variable, allowing for full adjustment to any change.