Question: Question 1. Assuming that the data contains a representative sample of Zach's Garage customer base, what price level would maximize expected revenues (profits)? Assume that

Question 1. Assuming that the data contains a representative sample of Zach's Garage customer base, what price level would maximize expected revenues (profits)? Assume that the average attendance is now about 250 per night, with an average of 12 events per month, would that optimal price be sufficient to cover Zach's costs of $3,000 per month? Tip: to compute total expected revenues, use the formula TOTAL MARKET x EXPECTED REVENUES, or use the alternative formula TOTAL MARKET x LIKELIHOOD OF PURCHASE x PRICE

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