Question

Your company is planning to organize a workshop on quality management. There are 10 managers
in your company all of whom have received free passes for the workshop These passes would
allow five free seats to the individuals The managers from other companies can also attend the
event, however they need to pay $60 per person All the people attending the workshop would get
complimentary lunch, snacks and parking facilities without any extra fees There are certain costs
associated with the workshop including lunch cost of $5 per person, snacks cost of $3 per person,
parking cost of $4 per person, speakers cost of $800 per speaker (total 5 speakers are used),
registration fee of $7 50 per person, and auditorum cost of $200
Now suppose, the outside managers would be refunded 50 percent of their payment in case of no-
shows There is not any refund for the managers of your company Previously, it was identified
that 25 percent of in-house and 10 percent of outsi de managers could not attend the event. Parking
fee needs to be paid by the company only for the attendees. However, snacks and lunch cost are
dependent on number of registrations What would be the profit/loss faced by the company, if all
the in-house managers have registered for their full allotment and there are 130 outside managers
registered for the workshop?
(A) Profit of $328
(B) Loss of $198
(C) No profit, no loss
(D) None of the above​

Answer 1

Answer:

(A) Profit of $328

Explanation:

Profit in economics is the difference between the revenue generated by an economic entity's outputs and the sum of its input costs. It is equivalent to total income less total expenses, which includes both direct and indirect expenses.

It's distinct from accounting profit, which only pertains to the costs that are explicitly stated on a company's financial accounts. Accounting profit is calculated by subtracting the company's entire revenue from its explicit costs. When examining a corporation, an economist takes into account all costs, both apparent and implicit. Economic profit is therefore less than accounting profit.

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