Exercise 1.1 Gina Fox has started her own company, Foxy Shirts, which manufactures imprinted shirts for special oc- casions. Since she has just begun this operation, she rents the equipment from a local printing shop when necessary. The cost of using the equipment is $350. The materials used in one shirt cost $8, and Gina can sell these for $15 each. (a) If Gina sells 20 shirts, what will her total rev- enue be? What will her total variable cost be? (b) How many shirts must Gina sell to break even? What is the total revenue for this? Exercise 1.2 Katherine D'Ann is planning to finance her college education by selling programs at the football games for State University. There is a fixed cost of $400 for printing these programs, and the variable cost is $3. There is also a $1,000 fee that is paid to the univer- sity for the right to sell these programs. If Katherine was able to sell programs for $5 each, how many would she have to sell in order to break even