What is the residual of a performance with a revenue of $700 and 70 seats occupied?

What is the residual of a performance with a revenue of $700 and 70 seats occupied?

The residual of a performance with a revenue of $700 and 70 seats occupied is $0. The residual is calculated by subtracting the actual revenue from the expected revenue. In this case, since the actual revenue matches the expected revenue, there is no residual.

Understanding Residual in Performance Revenue

Residual Calculation: The residual of a performance refers to the difference between the actual revenue generated and the expected revenue. In this specific scenario, the performance has a revenue of $700 and 70 seats are occupied.

Expected Revenue Calculation: To calculate the expected revenue, we need to know the price per seat. Assuming the price per seat is $10, we can multiply it by the number of seats occupied (70) to find the expected revenue, which would be $10 x 70 = $700.

Residual Calculation: To find the residual, we subtract the actual revenue ($700) from the expected revenue ($700). In this case, the calculation would be $700 - $700 = $0. Since the actual revenue matches the expected revenue, the residual is zero, indicating that there is no difference between the two values.