The Faculty Senate is sponsoring the Blue and Gold Gala ( a fund-raiser designed to raise money to be used to help pay tuitions of students impacted by the ongoing pandemic).One ticket to the event entitles two persons to enjoy a dinner, attend a dance, and receive a coupon to the drawing for a vacation trip to a South Sea Paradise.The sponsoring committee has made the following cost estimates:

Fixed costs of the eventVariable Costs per couple

Venue rental for the evening$1000Party favor per ticket$ 5.00

Fantastic Five music group2500Dinner for two25.00

Newspaper Advertising costs100Waitress tip (15%)3.75

Printing (800 tickets, minimum)150Total Variable $33.75

Duplicate and mail flyer350

Vacation trip cost6000

Total fixed$10100

1.What is the break even number of tickets that needs to be sold if $50 per ticket is charged?

2.What total revenue will be raised by the sale of all 800 tickets at the price in (1)?

3.The planning committee wants to give the Foundation $20000 above the fixed costs for use toward tuitions.Assuming all 800 tickets can be sold, what does theticket price need to be?

4.After much discussion, the committee decided that $70 per ticket was the most it dared charge.If the planners still intend to sell 800 tickets (and all costs are the same as originally given) how much will be available to be given to the tuition fund?

5.What is the Contribution Margin Ratio(CMR) if $70 a ticket is charged?

6.What is the DOL (assuming that $70 per ticket was charged, $15000 was to be given to tuition help, but that only 700 tickets were sold)?