The Norman Jaguars, a minor league baseball team, has recently hired you as its new marketing coordinator. The team would like to increase the profitability of home games by using marketing tools such as promotional giveaways. You have conducted some preliminary market research to determine which promotional items generate the best returns, and have recommended offering souvenir baseball hats during an upcoming game.The team owners tell you that all tickets for the upcoming season will be sold at $$7\mathrm{.}00,$ and only general admission seating will be available. The average game draws $800$ fans to the ballpark, each of whom purchases a ticket. 'Your research shows that minor league teams inyour region typically double their average attendance on baseball hat giveaway nights. As such, the owners are projecting that the team will sell $1,600$ tickets for this game.$$ Andrey Kravchenko$/$Getty ImagesThe owners have found a supplier who can produce the souvenir Jaguar baseball hats for $$3\mathrm{.}10$ per unit, as long as the team orders a minimum of $1,000$ units. The team owners are reluctant to spend thousands of dollars on this new promotion and have asked you to show profit and revenue numbers for baseball hat promotion night.The purpose of this exercise is to learn how the variation of cost$,$ total revenue, and quantity can determine price. Recall that: