5. Tom Hicks, an entrepreneurial business student, is arranging a folk music concert to raise funds for a local hospital. The concert will be held at an outdoor venue near the river. Owners of the venue have agreed to let Tom use it at no cost but hiring security and parking help will cost $300. The cost of the musicians will add up to $500 and 2 supporting workers will have to be paid $50 each. On arrival, every ticket holder will be given a bottle of water, costing $1 per bottle. Tickets are priced at $25 each. Assume that everyone who purchases a ticket will attend the concert.

a. What are the total fixed costs for this event?

b. If 100 people purchase tickets and attend, what would be the total variable costs for the event?

c. If 50 people purchase tickets and attend, what would be the total ticket revenue for the event?

d. If 200 people purchase tickets and attend, what would be the total profit realized for the event?

e. How many tickets must be sold in order to break-even?