document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1197572>Question 1197572</A>: <I><SPAN STYLE=\"word-break: break-all;\"> 1. An event promoter in Belize is selling tickets to her all-inclusive Carnival fete for $150.00 each. She has rented a venue at a cost of $3500 and will incur other fixed costs for a DJ ($1000), MC ($500), stage ($3,000), event staff ($4,000), insurance ($500), and marketing ($2,500). The variable costs include drinks ($30 per person), and food ($45 per person). \r<BR>\n" );
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document.write( "a) What is the revenue function for the event?  \r<BR>\n" );
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document.write( "b) What is the cost function for the event? \r<BR>\n" );
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document.write( "c) Calculate how many tickets need to be sold in order for the event to break even.  \r<BR>\n" );
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document.write( "d) If the promoter sells 500 tickets:\r<BR>\n" );
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document.write( " i. Calculate the revenue \r<BR>\n" );
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document.write( "ii. Calculate the cost\r<BR>\n" );
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document.write( "iii. Calculate the profit  </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #831089 by </B><A HREF=/tutors/aboutme.mpl?userid=Shin123><B>Shin123(626)</B></A><img src=\"/images/stars/stars-11.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Shin123><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=Shin123><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=831089\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> a) The revenue function is <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=150n ALIGN=MIDDLE  ALT=\"150n\"   DISABLED_style= \"max-width:90%; height:auto;\" >, since the ticket costs $150 each.<BR>\n" );
document.write( "b) The cost function is <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=15000%2B75n ALIGN=MIDDLE  ALT=\"15000%2B75n\"   DISABLED_style= \"max-width:90%; height:auto;\" >, which is the fixed cost (adds up to $15,000 total) plus the variable cost ($75 per person for the drinks and food)<BR>\n" );
document.write( "c) In order for the event to break even, the revenue must equal the cost, so we have the equation <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=150n=15000%2B75n ALIGN=MIDDLE  ALT=\"150n=15000%2B75n\"   DISABLED_style= \"max-width:90%; height:auto;\" >. Subtracting <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=75n ALIGN=MIDDLE  ALT=\"75n\"   DISABLED_style= \"max-width:90%; height:auto;\" > from both sides, we get <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=75n=15000 ALIGN=MIDDLE  ALT=\"75n=15000\"   DISABLED_style= \"max-width:90%; height:auto;\" >. Finally, dividing by 75, we get <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=n=200 ALIGN=MIDDLE  ALT=\"n=200\"   DISABLED_style= \"max-width:90%; height:auto;\" > tickets.<BR>\n" );
document.write( "i. The revenue is <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=150%2A500=75000 ALIGN=MIDDLE  ALT=\"150%2A500=75000\"   DISABLED_style= \"max-width:90%; height:auto;\" > dollars.<BR>\n" );
document.write( "ii. The cost is <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=15000%2B75%2A500=52500 ALIGN=MIDDLE  ALT=\"15000%2B75%2A500=52500\"   DISABLED_style= \"max-width:90%; height:auto;\" > dollars.<BR>\n" );
document.write( "iii. The profit is the revenue minus the cost, so it is <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=75000-52500=22500 ALIGN=MIDDLE  ALT=\"75000-52500=22500\"   DISABLED_style= \"max-width:90%; height:auto;\" > dollars. </SPAN>\n" );
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