Average and Total Costs The Accounting Club wants to have a party for its members. The costof renting space is $1,500, and the cost of refreshments will be $15 per person.Required1. What is the total cost if 100 people attend? What is the average cost?2. What is the total cost if 200 people attend? What is the average cost?3. Explain why average total cost differs with changes in total attendance.
Customary Pricing
There are various types of pricing strategies followed in the market. They are psychological pricing, odd pricing, free onboard pricing, customary pricing, prestige pricing, dual pricing, ruling pricing, negotiated pricing, mark up pricing, etc. each one can be explained as follows:
Multiple Unit Pricing
“Multiple-unit pricing is a practice where a company offers consumers a lower than unit price if a specified number of units are purchased.”
Average and Total Costs The Accounting Club wants to have a party for its members. The cost
of renting space is $1,500, and the cost of refreshments will be $15 per person.
Required
1. What is the total cost if 100 people attend? What is the average cost?
2. What is the total cost if 200 people attend? What is the average cost?
3. Explain why
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