As a team, you have been tasked with determining the best price for live event painting. Start by determine $3$ possible prices for a local event. Review the following assumptions:

Variable costs:

o $36$x$48$ Canvas $$225$

o Paints and supplies $$200$

o Artist labor $$55$ per hour $($it takes $10$ hours to complete a piece of live event art$)$

Fixed Costs$/$month:

o Rent: $$2,000$

o Heat and hydro: $$600$

o Advertising and Promotion: $$250$

o Management Salaries $$3,000$ What would your recommended price be if you used a Market Based pricing strategy. Describe what information you needed to come up with this price. As a team, you have been tasked with determining the best price for live event painting. Start by determine $3$ possible prices for a local event. Review the following assumptions:

What would your recommended price be if you used a Value Based pricing strategy. Describe what information you needed to come up with this price.