1. Select the correct economic criterion (maximize profit, minimize cost, maximize benefit) for each of the following scenarios and briefly explain why:
   1. 
      
   2. A community collected $200,000 to put on a 4^th of July fair, parade and fireworks show. What is the economic criterion for organizers?
   3. A restaurant has found that spending on flyer advertising through the mail increases sales but at a decreasing rate as the number of flyers increase. What is the economic criteria for the restaurant?
   4. A services contractor received a fixed price contract to install and maintain IT equipment for the county of San Diego. What is the economic criteria for the services contractor?

Answer rating: 100% (QA)

Solution The above statements can be analyzed as shown below Sol... View the full answer