Situation E: (questions 15 & 16) The promoter of a show knows that the fixed costs per performance are $10,000, including artists' salaries. Variable costs are $2 per person: programs, insurance, ticket handling, and credit card commissions. The venue seats 1,000 people and you are sure it will sell out at the $20 per ticket price that has been set. Questions (remember that Profit= Total Revenue minus all costs): 15. How much profit would the performance generate? 16. If the promoter was willing to drop the price and wanted to know what the rock-bottom break-even price would be in order to help him/her decide how much to drop it, what would you tell him/her this break-even price for this 1,000 venue is? 17. A museum gift shop buys a batch of a new gift shop item at the price of $20 each. It wants to earn 20% per item markup on cost. How much should the museum charge for each? 18. The Vulcan Art Museum buys souvenir T-shirts for $15 and wants to sell them with a 20% markup on selling price. What should they charge for each T-shirt?