An arena is hosting a rock concert. It has silver and gold seating sections. One of the first 100 buyers save on the price of a gold ticket $8.
Gold ticket= 10×21/7=30
Silver ticket=30-7= 22
Gold tickets cost $30 each. Silver tickets cost $22 each. The first 100 gold ticket purchasers will therefore save $30-$22=$8 each ticket.
What does cost mean?
A cost is the value of money used to produce an item or provide a service but which is now available for use in manufacturing, research, retail, or accounting. When calculating an acquisition cost, the sum of the acquisition's costs is taken into account. Cost is the sum of money that a company spends to manufacture or produce goods or services. The profit margin markup is not included. Cost, as perceived from the seller's perspective, is the total amount of money used to create a good or product.
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