1. SOCIAL ENTREPRENEURSHIP: Your student organization wants to raise some money to donate to a favorite charity, so you decide to put on a spring benefit show. Even though you are technically “not for profit" for tax purposes, you still want to raise as much money as you can for the cause, so you act like a profit-maximizing firm. Consider how you should act under various scenarios. Assume that the demand for tickets to your show is given by P[Q] = 40 – ½ Q and that your only costs are the 300 you must pay to rent the theatre. Compute your profit-maximizing price (P*), quantity (Q*) and Profit (T*). а.

1. SOCIAL ENTREPRENEURSHIP: Your student organization wants to raise some money to donate to a favorite charity, so you decide to put on a spring benefit show. Even though you are technically “not for profit" for tax purposes, you still want to raise as much money as you can for the cause, so you act like a profit-maximizing firm. Consider how you should act under various scenarios. Assume that the demand for tickets to your show is given by P[Q] = 40 – ½ Q and that your only costs are the 300 you must pay to rent the theatre. Compute your profit-maximizing price (P), quantity (Q) and Profit (T*). а.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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