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20 Dec 2024, 07:00
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The Maple Grove Holiday Market runs annually from November 26 to December 24, featuring attractions such as a "Visit Santa" station, ornament vendors, baked goods stalls, and a gift shop.
The ornament vendors, during weekdays, generate an average daily revenue of about $1,826.: True
Total revenue for the baked goods stalls over the 30-day market exceeds $40,000.: False
The gift shop’s free ornament promotion will lower its average revenue per visitor.: False
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
95%
(hard)
Question Stats:
21% (03:20) correct
79%
(03:32)
wrong
based on 305
sessions
History
Date
Time
Result
Not Attempted Yet
Based on the information provided, indicate whether each statement is true or false.
| True | False | |
| The ornament vendors, during weekdays, generate an average daily revenue of about $1,826. | ||
| Total revenue for the baked goods stalls over the 30-day market exceeds $40,000. | ||
| The gift shop’s free ornament promotion will lower its average revenue per visitor. |
ShowHide Answer
Official Answer
The ornament vendors, during weekdays, generate an average daily revenue of about $1,826.: True
Total revenue for the baked goods stalls over the 30-day market exceeds $40,000.: False
The gift shop’s free ornament promotion will lower its average revenue per visitor.: False
The baked goods stalls offer limited-time seasonal treats on weekends.
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
15%
(low)
Question Stats:
83% (00:52) correct
17%
(00:56)
wrong
based on 228
sessions
History
Date
Time
Result
Not Attempted Yet
Which of the following statements, if true, most strongly explains the increased weekend revenue for the baked goods stalls?
| Families visiting the "Visit Santa" station frequently buy baked goods. | |
| The baked goods stalls are located near high-traffic areas in the market. | |
| The baked goods stalls offer limited-time seasonal treats on weekends. | |
| Visitors are more likely to spend on baked goods than ornaments across all days. | |
| The baked goods stalls have more customers on weekdays. |
ShowHide Answer
Official Answer
The baked goods stalls offer limited-time seasonal treats on weekends.
Total revenue at the gift shop would increase due to higher customer traffic.
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
45%
(medium)
Question Stats:
59% (00:56) correct
41%
(00:56)
wrong
based on 237
sessions
History
Date
Time
Result
Not Attempted Yet
If the gift shop increased its promotion to give two free ornaments (instead of one) for purchases over $20, which of the following is the most likely outcome?
| Total revenue at the gift shop would increase due to higher customer traffic. | |
| The average spend per visitor at the gift shop would decrease. | |
| The ornament vendors would experience a decline in revenue due to competition. | |
| Visitor satisfaction with the gift shop would decrease significantly. | |
| The gift shop’s daily visitor count would stay the same. |
ShowHide Answer
Official Answer
Total revenue at the gift shop would increase due to higher customer traffic.
Attachment:
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04 Jan 2025, 00:41
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Hi, the question does not mention increase in weekend attendance and revenue about ornament vendors and only about baked shops. Therefore, assuming 1.5x revenue for ornament vendors is not justified
Bismuth83
General Discussion
21 Dec 2024, 07:00
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1. Part 1. We are asked to check whether the following statements are true or false.
- The ornament vendors, during weekdays, generate an average daily revenue of about $1,826. Let the ornament vendors during weekdays earn on average x per day. Then, on weekends they earn 1.5x. The average is 2100, so we can put together the formula: \(2100 = \frac{x * 21 + 1.5x * 9}{30} \rightarrow 63000 = 34.5x \rightarrow x = 1826\). So, this statement is true.
- Total revenue for the baked goods stalls over the 30-day market exceeds $40,000. The total revenue equals: \(Average \ Daily \ Revenue * Days = 1200 * 30 = 36000 < 40000\). So, this statement is false.
- The gift shop’s free ornament promotion will lower its average revenue per visitor. The promotion encourages visitors to purchase at least 20 dollars worth of items. Since the average revenue is 10 dollars per visitor, then it is likely for it to increase. So, this statement is false.
2. Part 2. The question asks us to find the statement that best explains the increased weekend revenue for the baked goods stalls. Let’s look at all the answer options:
- Families visiting the "Visit Santa" station frequently buy baked goods. This doesn’t explain the difference between the weekend and weekdays. So, this statement doesn’t work.
- The baked goods stalls are located near high-traffic areas in the market. This doesn’t explain the difference between the weekend and weekdays. So, this statement doesn’t work.
- The baked goods stalls offer limited-time seasonal treats on weekends. Here, an exclusive item on weekends can encourage more visitors and hence, more revenue. So, this statement works.
- Visitors are more likely to spend on baked goods than ornaments across all days. This doesn’t explain the difference between the weekend and weekdays. So, this statement doesn’t work.
- The baked goods stalls have more customers on weekdays. That would rather do the opposite of explaining the increased revenue on weekends. So, this statement doesn’t work.
3. Part 3. The question asks us to find the statement that is the most logical outcome of the gift shop increasing its promotion. Let’s look at all the answer options:
- Total revenue at the gift shop would increase due to higher customer traffic. The promotion will most likely increase customer traffic and hence, revenue. So, this statement works.
- The average spend per visitor at the gift shop would decrease. Since the average spend per visitor is 10 dollars, the promotion is more likely to increase rather than decrease it. So, this statement doesn’t work.
- The ornament vendors would experience a decline in revenue due to competition. This is irrelevant because no competition is mentioned. So, this statement doesn’t work.
- Visitor satisfaction with the gift shop would decrease significantly. The promotion is friendly towards customers and is more likely to rather increase customer satisfaction. So, this statement doesn’t work.
- The gift shop’s daily visitor count would stay the same. It’s possible that the promotion won’t make any effect on the number of visitors, however, it’s more logical to assume that it will have a positive effect. So, this statement doesn’t work.
- The ornament vendors, during weekdays, generate an average daily revenue of about $1,826. Let the ornament vendors during weekdays earn on average x per day. Then, on weekends they earn 1.5x. The average is 2100, so we can put together the formula: \(2100 = \frac{x * 21 + 1.5x * 9}{30} \rightarrow 63000 = 34.5x \rightarrow x = 1826\). So, this statement is true.
- Total revenue for the baked goods stalls over the 30-day market exceeds $40,000. The total revenue equals: \(Average \ Daily \ Revenue * Days = 1200 * 30 = 36000 < 40000\). So, this statement is false.
- The gift shop’s free ornament promotion will lower its average revenue per visitor. The promotion encourages visitors to purchase at least 20 dollars worth of items. Since the average revenue is 10 dollars per visitor, then it is likely for it to increase. So, this statement is false.
2. Part 2. The question asks us to find the statement that best explains the increased weekend revenue for the baked goods stalls. Let’s look at all the answer options:
- Families visiting the "Visit Santa" station frequently buy baked goods. This doesn’t explain the difference between the weekend and weekdays. So, this statement doesn’t work.
- The baked goods stalls are located near high-traffic areas in the market. This doesn’t explain the difference between the weekend and weekdays. So, this statement doesn’t work.
- The baked goods stalls offer limited-time seasonal treats on weekends. Here, an exclusive item on weekends can encourage more visitors and hence, more revenue. So, this statement works.
- Visitors are more likely to spend on baked goods than ornaments across all days. This doesn’t explain the difference between the weekend and weekdays. So, this statement doesn’t work.
- The baked goods stalls have more customers on weekdays. That would rather do the opposite of explaining the increased revenue on weekends. So, this statement doesn’t work.
3. Part 3. The question asks us to find the statement that is the most logical outcome of the gift shop increasing its promotion. Let’s look at all the answer options:
- Total revenue at the gift shop would increase due to higher customer traffic. The promotion will most likely increase customer traffic and hence, revenue. So, this statement works.
- The average spend per visitor at the gift shop would decrease. Since the average spend per visitor is 10 dollars, the promotion is more likely to increase rather than decrease it. So, this statement doesn’t work.
- The ornament vendors would experience a decline in revenue due to competition. This is irrelevant because no competition is mentioned. So, this statement doesn’t work.
- Visitor satisfaction with the gift shop would decrease significantly. The promotion is friendly towards customers and is more likely to rather increase customer satisfaction. So, this statement doesn’t work.
- The gift shop’s daily visitor count would stay the same. It’s possible that the promotion won’t make any effect on the number of visitors, however, it’s more logical to assume that it will have a positive effect. So, this statement doesn’t work.
