Question
. A garage band wants to hold a concert. The expected crowd is 4,000. 80% of the crowd is expected to spend on average $15
. A garage band wants to hold a concert. The expected crowd is 4,000. 80% of the crowd is expected to spend on average $15 at the concession stands. Tickets sell for $20 each, and the bands profit is 70% of the gate and concession sales, minus a fixed cost of $12,000. Develop a general mathematical model and implement it on a spreadsheet to find their expected profit. Additional Guidelines: Create your model so the expected profit automatically updates when input information changes. Clearly separate input information from intermediate calculations and final outputs. 34X. For the garage-band model in Problem 7, create a two-way table for expected profit ranging expected crowd from 2,000 to 5,000 in steps of 300, and average expenditure from $10 to $30 in steps of one.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started