Consider the cost of a wedding reception. What costs are fixed? What costs are variable? What output measure did you use...
Consider the cost of a wedding reception. What costs are fixed? What costs are variable? What output measure did you use in classifying the costs as fixed or variable?
Homework Answers
In a wedding reception there are a lot of costs which will be incurred and the classification of costs into fixed and variable is a little bit tough. Generally in a wedding reception, the number of guests determines the output measure.
Costs vary on the number of guests. So the main point in costs depend upon the count of guests invited and count of guests attended the reception. Variable costs might include cost of Food, Drinks as their total costs likely vary on the number of guests.
Fixed costs might include rental of the venue, Gratuity to God, Payment to band and Bride's dress etc.
So, the number of guests is the output measure in classifying the costs as fixed or variable.
Thank you.
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