Below is a table to costs/information about the event last year.
Information about Dinner/Dancing Event from Last Year Revenues Number of Tickets Sold 500 tickets Price Per Ticket $50 per ticket Number of Silent Auction Items 75 items Revenue Associated with Silent Auction Items $150 average per auction item Costs Room Space/Rental Catering - Food/Beverage Catering - Staff DJ Entertainment (Photo Booth, etc...) $2,500 for the event $25 per attendee 10 staff members @ $200 each $1,000 for the event $250 for the event Using this information, I'd like for you to create a budget for the upcoming dinner/dancing event. Please construct a budget (in Microsoft Excel) which separates the revenue, expenditure, and surplus/deficit created by the event. Please incorporate all of the information presented below in constructing your budget for the upcoming event. The average bid for an auction item is expected to increase to $200. The number of items up for auction will fall to 60 items Ticket prices are going to be raised to $75 per ticket The price elasticity of demand with respect to ticket prices is equal to -0.2. The room space/rental has increased its price by 10%. The catering company is now charging $30 per attendee for food/beverage Each member of the catering staff's wage increased by 5% in the past year. DJ costs have decreased by 20% (turns out it's a lousy DJ) Entertainment costs for the event increased by 40%. A) Please construct a budget (using the information above) in Microsoft Excel. Please have two years' worth of data (presented side by side) in this budget (the information for the previous year and the current year). B) Given that the price of a ticket is $75, how many attendees would have to attend the event in order for the event to breakeven? C) Given this information, will the Trumbull PTO be able to reach their goal of creating an operating surplus of $25,000 from the event? D) One of the big unknowns about the event is the average auction bid for the auction items. There is a bit of uncertainty about the appropriate value to project for the average bid. What would the minimum average bid for the auction items have to be in order to reach the goal of a $25,000 operating surplus from the event? Information about Dinner/Dancing Event from Last Year Revenues Number of Tickets Sold 500 tickets Price Per Ticket $50 per ticket Number of Silent Auction Items 75 items Revenue Associated with Silent Auction Items $150 average per auction item Costs Room Space/Rental Catering - Food/Beverage Catering - Staff DJ Entertainment (Photo Booth, etc...) $2,500 for the event $25 per attendee 10 staff members @ $200 each $1,000 for the event $250 for the event Using this information, I'd like for you to create a budget for the upcoming dinner/dancing event. Please construct a budget (in Microsoft Excel) which separates the revenue, expenditure, and surplus/deficit created by the event. Please incorporate all of the information presented below in constructing your budget for the upcoming event. The average bid for an auction item is expected to increase to $200. The number of items up for auction will fall to 60 items Ticket prices are going to be raised to $75 per ticket The price elasticity of demand with respect to ticket prices is equal to -0.2. The room space/rental has increased its price by 10%. The catering company is now charging $30 per attendee for food/beverage Each member of the catering staff's wage increased by 5% in the past year. DJ costs have decreased by 20% (turns out it's a lousy DJ) Entertainment costs for the event increased by 40%. A) Please construct a budget (using the information above) in Microsoft Excel. Please have two years' worth of data (presented side by side) in this budget (the information for the previous year and the current year). B) Given that the price of a ticket is $75, how many attendees would have to attend the event in order for the event to breakeven? C) Given this information, will the Trumbull PTO be able to reach their goal of creating an operating surplus of $25,000 from the event? D) One of the big unknowns about the event is the average auction bid for the auction items. There is a bit of uncertainty about the appropriate value to project for the average bid. What would the minimum average bid for the auction items have to be in order to reach the goal of a $25,000 operating surplus from the event
