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 average total cost differs with changes in total attendance.
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