Problem Set-These problems will serve as the basis for the mid-term quiz. These problems are the background you will use on the quiz, but please note you will NOT provide this document in the quiz and the questions here may not exactly be replicated on the quiz. Doing the problems will build your understanding. Begin working on problem 1 in week 2. Then is week 3 work on problem 2. In week 4 begin working on problems 3 and 4. 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: Bags Fixed Cost Variable Total Cost Average Cost Marginal Cost Total Variable Cost Revenue wt Price $15 Marginal Revenue 1700 100 1700 500 200 1700 1200 300 1700 2700 400 1700 5200 500 1700 9000 600 1700 15000 700 1700 23800 800 1700 36800 900 1700 55800 1000 1700 83000 a) Complete the table. If this was a profit-making activity, at the entry fee of $15, what would be the profit maximizing quantity of bags. b) You will charge an entry fee of $15 per participant. Determine the breakeven quantity of bags. 2) Your Best Brand Bike Shorts-BBB Shorts have been flying off the shelf. Your chief economist tells you that during the Covid-19 pandemic, the taste for bicycling has shifted. The demand curve is much more inelastic. The price elasticity of demand has decreased from: -5.76 to -2.70." Before the campaign your price was $240 per pair of BBB Shorts. What should be the new price?