Paulis Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During February, the kennel budgeted for 2,500 tenant-days, but its actual level of activity was 2,480 tenant-days. The kennel has provided the following data concerning the formulas used in its budgeting and its actual results for February:Data used in budgeting: 
Actual results for February:
The net operating income in the planning budget for February would be closest to:
Definitions:
Total Revenue
The total income generated by a business through the sale of goods or services before any costs or expenses are deducted.
Downward-sloping
A graphical representation indicating a negative relationship between two variables, such as price and quantity demanded in the demand curve.
Elasticity of Demand
A measure of how much the quantity demanded of a good responds to a change in the price of that good, quantitatively expressed as the percentage change in quantity demanded divided by the percentage change in price.
Inelastic
An inelastic good or service has a demand that does not change significantly when its price goes up or down.
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