Alex Matteo is a former partner of a professional accounting firm who values education. Alex is...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Alex Matteo is a former partner of a professional accounting firm who values education. Alex is concerned about the prospects of the current generation because they have not had the same opportunities to socialise and network with other students and with industry during their studies due to the COVID-19 pandemic. Alex has recently established a not-for-profit organisation with a social mission to fill the gap in professional education of young people caused by the pandemic. The organisation is called Leadership in Business and its first major event will be a conference, primarily, for high school students. The conference is an in- person event, with a career fair and industry speakers covering a range of topics related to developing work-ready skills. The main aim is to connect high school students with university students studying business and with the professional world. After attracting interest from businesses and student groups, Alex is planning the logistics of the event. The event will be held on a Saturday and Sunday from 10am to 5pm. The venue will only allow 300 attendees per day. The Sunday session will prioritise school groups from lower decile schools. Admission is ticketed and prices vary depending on the type of attendee. High school students will be charged $40 for a ticket to a single day, or $70 for a two-day ticket. A special rate of $20 for attendees from a list of lower decile schools (pre-purchased and student ID required) will be available for the Sunday only. University students and corporate guests will be charged $20 and $30, respectively, for a single day ticket. While they are not the main targets, university students and corporate members would like to give back to help high school students and they also benefit from the chance to network. Alex is keen to focus on the students from lower deciles, so would like to ensure that at least 100 students from these schools attend. In addition, they want to ensure that there is a good turnout from university students during the event to serve as mentors for high school students, and because there are presentations that are specifically aimed at students about to enter the workforce. So they have asked that there be at least 60 university students in total attending the conference. Ticket High School Saturday High School Sunday High School Saturday and Sunday High School Lower Decile University Saturday University Sunday Corporate Saturday Corporate Sunday Demand 200 200 40 300 80 80 50 50 Alex has partnered with other social enterprises to provide packaged lunches and swag bags with a t-shirt and reusable coffee cup. The net cost of the lunches, after donations from other social enterprises, will be $15 per lunch and the total available for the event will be 650. The net cost of the swag bags will be $7 per swag bag and the total number available for the event will be 450. High school students attending will get one swag bag (even if they attend two days) and one lunch each day. University and corporate guests will only get lunch. Coffee and juice will also be available as part of the ticket price. High schoolers can have two juices per day. University students can get one coffee and one juice. Corporate guests can get two coffees. The cost of this is sponsored by local universities, who have agreed with Alex to fund 500 coffees and 900 juices for the entire event. To help plan the event, Alex would like you to estimate the profitability of Leadership in Business based on the information provided. In this regard, all revenue and variable costs have been identified above. Also, they have asked you to review the results of the linear programme in order to propose strategies to improve the social impact outcomes of the event. You decide that a linear programme would be useful for this. Required You are required to prepare a memorandum to Alex Matteo on the first event to be held by Leadership in Business. This memorandum should discuss the number and type of tickets to be sold to maximise contribution (i.e. total revenue less total variable costs). Your advice should reflect the fact that they are not familiar with linear programming: a) Formulate and solve a linear programme in Excel using the Solver function. Alex Matteo is a former partner of a professional accounting firm who values education. Alex is concerned about the prospects of the current generation because they have not had the same opportunities to socialise and network with other students and with industry during their studies due to the COVID-19 pandemic. Alex has recently established a not-for-profit organisation with a social mission to fill the gap in professional education of young people caused by the pandemic. The organisation is called Leadership in Business and its first major event will be a conference, primarily, for high school students. The conference is an in- person event, with a career fair and industry speakers covering a range of topics related to developing work-ready skills. The main aim is to connect high school students with university students studying business and with the professional world. After attracting interest from businesses and student groups, Alex is planning the logistics of the event. The event will be held on a Saturday and Sunday from 10am to 5pm. The venue will only allow 300 attendees per day. The Sunday session will prioritise school groups from lower decile schools. Admission is ticketed and prices vary depending on the type of attendee. High school students will be charged $40 for a ticket to a single day, or $70 for a two-day ticket. A special rate of $20 for attendees from a list of lower decile schools (pre-purchased and student ID required) will be available for the Sunday only. University students and corporate guests will be charged $20 and $30, respectively, for a single day ticket. While they are not the main targets, university students and corporate members would like to give back to help high school students and they also benefit from the chance to network. Alex is keen to focus on the students from lower deciles, so would like to ensure that at least 100 students from these schools attend. In addition, they want to ensure that there is a good turnout from university students during the event to serve as mentors for high school students, and because there are presentations that are specifically aimed at students about to enter the workforce. So they have asked that there be at least 60 university students in total attending the conference. Ticket High School Saturday High School Sunday High School Saturday and Sunday High School Lower Decile University Saturday University Sunday Corporate Saturday Corporate Sunday Demand 200 200 40 300 80 80 50 50 Alex has partnered with other social enterprises to provide packaged lunches and swag bags with a t-shirt and reusable coffee cup. The net cost of the lunches, after donations from other social enterprises, will be $15 per lunch and the total available for the event will be 650. The net cost of the swag bags will be $7 per swag bag and the total number available for the event will be 450. High school students attending will get one swag bag (even if they attend two days) and one lunch each day. University and corporate guests will only get lunch. Coffee and juice will also be available as part of the ticket price. High schoolers can have two juices per day. University students can get one coffee and one juice. Corporate guests can get two coffees. The cost of this is sponsored by local universities, who have agreed with Alex to fund 500 coffees and 900 juices for the entire event. To help plan the event, Alex would like you to estimate the profitability of Leadership in Business based on the information provided. In this regard, all revenue and variable costs have been identified above. Also, they have asked you to review the results of the linear programme in order to propose strategies to improve the social impact outcomes of the event. You decide that a linear programme would be useful for this. Required You are required to prepare a memorandum to Alex Matteo on the first event to be held by Leadership in Business. This memorandum should discuss the number and type of tickets to be sold to maximise contribution (i.e. total revenue less total variable costs). Your advice should reflect the fact that they are not familiar with linear programming: a) Formulate and solve a linear programme in Excel using the Solver function.
Expert Answer:
Related Book For
Posted Date:
Students also viewed these mathematics questions
-
Sketch the response of the following network when the weights and biases are W' =[-1 1]',b' = [0.5 1)", w = [1 1],b =[-1] for -2 < p < 2. Inputs Pos. Linear Layer Linear Layer = poslin(W p-b') a=...
-
Sketch the polar curve. a. r = 1 - cos ( b. r = 1 + cos 2 ( c. r = 3/1 + 2 sin (
-
Use MATLAB to solve for and plot the unit-step response of the following models: a. 3* + 21x + 30x = f(t) b. 5* + 20x + 65x = f(t) c. A + 32x + 60x = 3f (t) + 2f(t) .
-
Activity-based costing systems should be used instead of traditional costing systems if ________. A. indirect production costs are a large percentage of production costs B. different products consume...
-
Bennett Builders builds 1,500- square- foot starter tract homes in the fast- growing suburbs of Chicago. Land and labor are cheap, and competition among developers is fierce. The homes are cookie-...
-
Multiple Choice Questions: 1. In applying the guideline publicly traded company method, comparable companies are selected based on which of these? a. Capital structure. b. Credit status. c. Products....
-
The following data are accumulated by Miska Machining Company in evaluating two competing capital investment proposals: Determine the expected average rate of return for each proposal, giving effect...
-
Due to the recent beef recalls, Southern Steakhouse is considering incorporating. Bill, the owner, wants to protect his personal assets in the event the restaurant is sued. Requirement 1. Which...
-
What is the difference between emotional intelligence and cultural intelligence and how can each impact team performance? Cite sources
-
Aaron, Deanne, and Keon formed the Blue Bell General Partnership at the beginning of the current year. Aaron and Deanne each contributed $110,000 and Keon transferred an acre of undeveloped land to...
-
Here are three relations, R(A,B), S(C,D), and T(E,F). Their current values are: A 0 1 R B 1 0 1 1 Compute the result of the query: C 0 1 1 a. (1, 1, 1, 1) S b. (0,1.1.1) (1.0.2.11 d (0.12.1 D 1...
-
Plan finances for new business ventures in Australia Profit, loss and cash flow projections Monthly projected $ sales Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Total Coffee regular $ 8,734...
-
Analysis these 3 Financial ratios. Price-to-Earnings Ratio (P/E Ratio), Debt-to-Equity Ratio and Inventory Turnover Ratio in this company: Incitec Pivot limited (IPL) over the past 5 financial years,...
-
In our reading about Ethical Considerations, the authors of the text outline several ethical principles of communication. Which of these principles is the most important to our study of intercultural...
-
Solve each of the following three problems, all of which involve borrowing money from a bank with an APR of 6.5% compounded annually. Look carefully at how the problems differ from one another, in...
-
By focussing on "engagement", define the term and explain this term by making reference to the case study "Black Lives Matter" and discuss how it forms part of a broader social media communications...
-
ME 2352 Design Optimization Assignment ONE, due January 25th, 2024, 4:00 pm University of New Brunswick Department of Mechanical Engineering Winter 2024 1. Weenies and Buns is a food processing plant...
-
Solve each equation or inequality. |6x8-4 = 0
-
We need to stabilize the plant 3/(s2 - 4) with a feedback controller. The closed-loop system should have a damping ratio of = 0.707 and a dominant time constant =0.1. a. Use PD control and compute...
-
A certain field-controlled de motor with load has the following parameter values. L = 2 10-3 H R = 0.6 KT = 0.04N m/A C = 0 I = 6 10-5 kg m2 Compute the gains for a state variable feedback...
-
An electromagnetic microphone has a construction similar to that of the speaker shown in Figure 6.7.2, except that there is no applied voltage and the sound waves are incoming rather than outgoing....
-
Show the debit and credit accounts of the following transactions in the ledger and what effect (i.e., increase/decrease) they have on assets, liabilities, equity, income and expenses. The first one...
-
(Exercise 18 continued.) Consider again Example 2.10 with \(\mathbf{D}=\operatorname{diag}\left(\lambda_{1}, \ldots, \lambda_{p} ight)\) for some nonnegative model-selection parameter \(\lambda \in...
-
Balance off the following four accounts from four different businesses at the month end. Transfer the balances for revenue and purchases to the trading account. Sales Rets. represents sales returns....
Study smarter with the SolutionInn App