Problem I (Total: 70 points) James built his lemonade stand out of 5250 worth of plywood and paint. He sells a glass of lemonade for 53 and uses $1.25 of lemons, sugar and water to make his product. A) How many glasses of lemonade does he need to sell to break even! (20 points) B) How much money does he need to spend in order to break even? (20 points) Data Fixed cost Variable cost Selling price Results Breakeven points Units Dollars C) Suppose that James would prefer to break even at 50 glasses. What does the selling price need to be to achieve that? (20 points) D) What does it mean that James will break even at 50 glasses? (10 points)