For the first week of August, the Queen Arms Hotel budgeted for 1,100 room nights at an average room rate of $140. Actual room nights for the week totaled 1,000 with an average room rate of $135. The price variance for the week was: Group of answer choices a.$5,000 unfavorable. b. $7,000 favorable. c. $5,200 favorable. d. $5,500 unfavorable.

For the first week of August, the Queen Arms Hotel budgeted for 1,100 room nights at an average room rate of $140. Actual room nights for the week totaled 1,000 with an average room rate of $135. The price variance for the week was: Group of answer choices a.$5,000 unfavorable. b. $7,000 favorable. c. $5,200 favorable. d. $5,500 unfavorable.

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter2: Fundamental Economic Concepts

Section: Chapter Questions

Problem 7E

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