Indeed, I am rather conspicuous among Persians. Then again, I am accustomed to standing out in a crowd, whether I want to or not.
Lately, you might have heard me mention the Persian Formal in conversation. Ok, maybe in every conversation. What I consider to be a mild infatuation, others misperceive as a full-blown obsession. Many are perplexed when I excitedly talk about Persians. Their immediate reaction is to point to my flaming red hair and proclaim: But you’re not Persian! While I am not Persian by blood, I have been (un)officially accepted as an honorary member of the clan. I am enamored by every aspect of their rich culture, from the history, to the aromatic spices, to the exciting music and revelry. For me, the Persian Formal is the one time of the year when I am successfully integrated into the Persian community.
The Persian Empire sprawled all across the Middle East, continuously expanding for hundreds of years under various emperors. Those who identify as Persians hail specifically from Iran.
Persians are often surprised to see that I know my fair share about their past. The basics: they come from Iran-the capital being Tehran- and speak Farsi. In 1979, the Shah, then the dictator in power, was overthrown. In response, many surreptitiously arranged and executed escape plans, leaving behind almost everything. They came to America, ready to start anew. Interestingly, this immigrant mentality manifested itself in the form of entrepreneurialism: many Persians developed businesses from scratch. They engaged in various aspects of business, most notably in real estate, jewelry, and Persian rugs. Their immediate and current success is a testament to their dedication and solid work ethic.
Like every television show that seeks to exploit a certain ethnicity or culture, this Bravo show accentuates many Persian stereotypes. While many Persian friends of mine laugh at the accuracy of the characters’ behavior, it should be noted that not all Persians are like those depicted on the show.
Nowadays, with thriving communities across America, most notably in Great Neck, New York and Los Angeles, California, Persians continue to succeed in professions other than business, including medicine and technology. A noteworthy feature of their communities is they are all intimately close, which lends itself well to networking, business prospects, and innovation. The Persian Formal is the perfect opportunity to celebrate their achievements by infusing Persian vitality into the banal, humdrum Queens College atmosphere.
Rarely will you see an event being hosting at Queens College that brings together so many diverse clubs.
The Persian Formal has a substantial budget, and for good reason. This event is poised to be one of the most expensive at Queens College all year. It will also be the largest, as it is cosponsored by six other clubs. As a result of the conglomeration, there will be a bigger, more diverse turnout. Moreover, having all these unrelated clubs come together showcases the power of synergy, a major driving force in the business world. If they were not involved, the Persian Club would not be able to afford a formal that would adequately live up to its reputation for being excessively ostentatious.
GAAP governs the way in which accounting firms conduct tax and audit practices. The largest accounting firms are known as the Big Four, and include Ernst & Young, KPMG, Deloitte, and PwC. Answer to a trick question that the latter company sometimes asks: PwC stands for PricewaterhouseCoopers.
In order to be admitted, you have to present a ticket, which can either be bought upfront for $5 at Q-tips or for $7 at the door. The concept of paying in advance has both a financial and accounting rationale. A crucial element to the success of any business is that of constantly earning revenue. The Persian Club similarly needs to see a substantial stream of cash in order to ensure that the event’s expenses are covered. While selling the $5 ticket generates less money in the long run, in the short run it guarantees an inflow of cash. This money, though, is not considered revenue. According to GAAP, Generally Accepted Accounting Principles, revenue is only recognized when it is earned. It is earned when the service that people pay for, here the Persian Formal, is carried through and performed.
Interest rates are now officially beyond abysmal- they fall into the pathetic/laughable category. You are practically paying the bank to look after your money, when the bank should be paying you! After all, interest is the cost of money.
It might seem obvious that, unless you are intent on only doing things at last minute, it is in your best interest to buy a ticket upfront. After all, with $2 in savings, you could buy (barely) two snacks from the vending machine! In reality, it is far more complicated. There is a concept of present and future value of money. You could spend your money now, or you can save it and invest it in the bank. How much interest can you accrue? For example, if the interest rate is 20% monthly, you can make $1 of interest on the $5. While in this case it is clear that buying in advance is still the better option, there are examples in real life when paying more at a later date is actually more beneficial and/or cheaper. As far as the case I just mentioned, please let me know if you find a non-risky investment that is paying 20% interest!
My camera did not accurately capture the beauty of the rich blue fabrics flowing as the dancers moved to the beat of the music.
So what do you get for the money you fork over? I frequently tell people that my ticket to the Persian Formal is “Hands down, the best $5 I have ever spent.” (With current interest rates at just above inflation, I did not hesitate to buy the ticket an hour after it went on sale.) At the event, there is a tremendous amount of free swag-my two favorite words. In addition to the tangible prizes, you also benefit from the experience. The belly dancers and a well-known DJ playing Persian music contribute to the festive atmosphere. It is the prime environment to let loose at the end of the week with your friends. Thus, you are paying for a certain ambience, not unlike how exclusive golf clubs charge their posh clientele.
As the graph depicts, the more that is produced, the less the cost per unit is.
The most significant thing you get at the Persian Formal, in my opinion, is the food. After all, it comprises over 40% of the budget! Dinner from Colbeh, a widely known Persian restaurant, is served. Last year, I tried Colbeh for the first time and I instantly fell in love. Not having eaten all day to ensure that I fit into my dress, I gorged on every different meat and rice dish. Buying Colbeh at the restaurant is quite pricy, but here you are able to get a meal, in addition to all the other amenities of the Persian Formal, for the price of a ticket. In its production for this event, Colbeh experiences economies of scale: by producing more, its costs per unit of output decreases. This occurs because the fixed costs are spread out over a larger production. The Persian Club, in placing such a substantial order, similarly experiences reduced costs; buying in bulk is always cheaper.
As the price approaches equilibrium, consumer surplus falls, while producer surplus rises. I recognize that whenever I go shopping, my goal is to maximize my consumer surplus by finding bargains.
As I praised Colbeh, some Persian friends of mine were not so enthused. In fact, they said that this main attraction did not entice them because they frequently have Colbeh at celebrations and eat homemade Persian food on a daily basis. I noticed that their willingness to pay was extremely low- in some cases zero. This stands in stark contrast to mine, as I view Colbeh as a treat. In fact, I would be willing to pay $10 for it! The difference between my willingness to pay and the actual price is called consumer surplus. Ideally, firms want consumer surplus to be zero in order to gain maximum revenue. Here, the Persian Club had to be extremely careful because of the high price elasticity, or the responsiveness to price change. Squeezing every last dollar from an audience that is on a tight budget will limit turnout, and will cause people to choose not to attend in the future.
This is my favorite shirt in my wardrobe.
A great deal of organization went into preparing this Persian Formal. For me, it is by far the highlight of the semester. Go out and buy a ticket before they are all sold out-and you are forced to pay $7 at the door!
