Problem Set-These problems will serve as the basis for the mid-term exam. These problems are the background you will use on the exam, but please note you will NOT provide this document in the exam and the questions here may not exactly be replicated on the exam. Doing the problems will build your understanding. It is recommended that you try these problems each week at the material is presented. 1) You are serving as the chair for your community's annual wellness campaign. A key event is the annual Walk 3k, Run 10k, Ride 20k event. The event is staged entirely by volunteers and the goal is to attract community wide awareness of getting active as a key step to wellness. In other words, the goal is not to raise money, but to prompt awareness. As the chair you set a financial goal to breakeven on the one and only cost of the event, a fitness bag with the community seal and the event moto, "I AM ON THE RIGHT TRACK! The cost of the bags, which must be ordered in batches of 100, are: a) Complete the table. b) You will charge an entry fee of $15 per participant. Determine the breakeven quantity of bags you must order. Remember orders must be in blocks of 100. 2) Your marketing department just undertook a major advertising campaign promoting the quality of your Best Brand Bike Shorts-BBB Shorts. They have provided you with an estimate of the success of the campaign stating that: "the price elasticity of demand has decreased from -5.76 to -3.76." Before the campaign your price was $240 per pair of BBB Shorts. What should be the new price?