Question: Select the correct economic criterion (maximize profit, minimize cost, maximize benefit) for each of the following scenarios and briefly explain why A community collected $200,000

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

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