1. You have been commissioned to analyze the economic impact on the city of a major event. Clity officials want to know if it would be profitable to fund and bid for similar future events. Specifically, the committee wants to know the direct spending impact, the indirect spending impact, and total economic impact of the event. The following data was collected from the event: - Estimated attendance was 44000. - Spending by organizations from outside the city was approximately $4 million. - Spending by the city was approximately $1.5 million. - The city sales tax is 10%. - The spending multiplier for the city is equal to 1.6. - A survey of 680 attendees revealed that: - 220 were visitors and the remainder were residents, - Of the visitors, 35 were time switchers, and 25 were casual visitors, - On average, each visitor spends $230 per day on non-lodging and $70 on lodging per night, - Visitors spent on average 2.2 days and 1.3 nights in the city. - The level of spending and average length of stay the same for all types of visitors. a. How many visitors should be used in the calculation of the economic impact estimates? b. What direct economic impact may exist? c. What is the total economic impact of the event on the city? Please upload your work and answers to the Economic Impact dropbox