Use the Following Excerpt from a Campus-Wide Announcement About a Concert

question 104

Multiple Choice

Use the following excerpt from a campus-wide announcement about a concert at the University of West Georgia (UWG) to answer the following questions:
The Band Perry [a Grammy-nominated country music act] will perform live at the University of West Georgia Coliseum on Sunday,April 22,as part of its Purveyors of Performance Tour 2012 ...Prices are $10 in advance or $15 on the day of the show for those with a UWG [Student] ID,and $20 in advance or $25 on the day of the show for the general public.

-Which price discrimination condition was satisfied by requiring students to show an ID card for an initial ticket purchase?

• A) The concert promoter was able to encourage the resale of the product or service to another student.
• B) The concert promoter was able to distinguish easily among groups of buyers with different price elasticities of demand.
• C) The concert promoter was able to prevent the resale of the product or service to another consumer who is willing to pay more.
• D) The concert promoter was able to distinguish easily among groups of sellers with different price elasticities of supply.
• E) The concert promoter was able to distinguish easily between true fans of the Band Perry and those who just wanted to see a cheap concert.

Assess the impact of occupancy, facility, and supplies expenses on flexible budgets.

Evaluate revenue and expense variances in comparing actual results to budgeted figures.

Understand the concept of spending variance and how to calculate it for different categories (manufacturing overhead, refurbishing materials, other expenses, equipment depreciation, supplies costs, occupancy costs, employee salaries and wages, facility expenses, travel expenses, power cost, and medical supplies).

Identify and calculate the revenue variance for different months.

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Definitions:

Federal Budget Deficit

The financial situation in which the government's expenditures exceed its revenues within a given fiscal year.

Trade Deficit

A situation where a country's imports exceed its exports, leading to more money leaving the country than entering it.

Interest Rates

The cost of borrowing money or the return on investment for savings and loans, expressed as a percentage.

Government Outlays

The total expenditures made by the government, including spending on goods and services, transfer payments, and interest on debt.