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Revenue Management Final Exam | Updated Question & Answers Graded A + 2023/2024 What is the industry term used to describe the sum of prices paid by a business's customers? Correct Answer Total Revenues Historically, what concept have hospitality managers chiefly used to calculate their selling prices? Correct Answer Costs What is an algebraic equivalent of the formula: Sales = Costs + Profit? Correct Answer Profit = Sales - Costs What is the name for the net value achieved by both p...

Revenue Management Final Exam | Latest 2023 with complete solution What is the industry term used to describe the sum of prices paid by a business's customers? - Total Revenues Historically, what concept have hospitality managers chiefly used to calculate their selling prices? - Costs What is an algebraic equivalent of the formula: Sales = Costs + Profit? - Profit = Sales - Costs What is the name for the net value achieved by both parties in a business transaction? - Profit What elem...

What is bigger in the tourism industry, fixed costs or variable costs? fixed costs are bigger -Think of an airplane: staffing, airport fees (fixed) - huge amount of the costs for airplanes come from fixed costs; food, fuel (variable) - not as easy to determine the variable costs We can reduce prices (even below total cost per room), as long as the reduced price covers, fixed cost per room or variable cost per room? We can reduce prices as long as the reduced price covers the variable ...

What is the industry term used to describe the sum of prices paid by a business's customers? - Answer-total revenues Historically, what concept have hospitality managers chiefly used to calculate their selling prices? - Answer-costs What is an algebraic equivalent of the formula: Sales = Costs + Profit? - Answer-profit=sales-costs What is the name for the net value achieved by both parties in a business transaction? - Answerprofit What element is not present in a barter economy? - Answer-...

what is the industry term used to describe the sum of prices paid by a business's customers? -daily receipts -profit -profits less expenses -total revenues -total revenues historically, what concept have hospitality managers chiefly used to calculate their selling prices? -income -revenue -costs -profits -costs what is an algebraic equivalent of the formula: sales=costs+profit? -profit=sales-costs -costs=sales+profits -costs=profit-sales -prof...

What is the industry term used to describe the sum of prices paid by a business's customers?: total revenues Historically, what concept have hospitality managers chiefly used to calcu- late their selling prices?: costs What is an algebraic equivalent of the formula: Sales = Costs + Profit?: prof- it=sales-costs What is the name for the net value achieved by both parties in a business transaction?: profit What element is not present in a barter economy?: money What is the formula used to ca...

What is the industry term used to describe the sum of prices paid by a business's customers? - Answer- Total Revenues Historically, what concept have hospitality managers chiefly used to calculate their selling prices? - Answer- Costs What is an algebraic equivalent of the formula: Sales = Costs + Profit? - Answer- Profit = Sales - Costs What is the name for the net value achieved by both parties in a business transaction? - Answer- Profit What element is not present in a barter eco...

What is the industry term used to describe the sum of prices paid by a business's customers? - Answer-Total Revenues Historically, what concept have hospitality managers chiefly used to calculate their selling prices? - Answer-Costs What is an algebraic equivalent of the formula: Sales = Costs + Profit? - Answer-Profit = Sales - Costs What is the name for the net value achieved by both parties in a business transaction? - AnswerProfit What element is not present in a barter economy? - Ans...

What is the industry term used to describe the sum of prices paid by a business's customers? - total revenues Historically, what concept have hospitality managers chiefly used to calculate their selling prices? - costs What is an algebraic equivalent of the formula: Sales = Costs + Profit? - profit=salescosts What is the name for the net value achieved by both parties in a business transaction? - profit What element is not present in a barter economy? - money What is the formula used ...

Revenue Management Final Q&A 100% All Verified what is the industry term used to describe the sum of prices paid by a business's customers? -daily receipts -profit -profits less expenses -total revenues - ANS--total revenues historically, what concept have hospitality managers chiefly used to calculate their selling prices? -income -revenue -costs -profits - ANS--costs what is an algebraic equivalent of the formula: sales=costs+profit? -profit=sales-costs -costs=sales+profits ...