Economics: opportunity costs: suppose on friday night you have a choice to go either to a katy perry concert or a lady gaga concert. you won a free ticket to see katy perry. you would pay as much as $200 to see lady gaga perform, but tickets to her show cost $100 . assume that you end up going to the katy perry concert.

since you went to the katy perry concert, you must be willing to pay at least $ to see katy perry.

Horace society is planning its annual western fair raceway gala. the gala committee has assembled the following expected costs for the event: dinner (per person) $10 gaming token and program (per person) $2 prize payouts $4,300 tickets and advertising $800 private box suite rental $1,700 lottery licenses $200 the committee members would like to charge $40 per person for the evening’s activities.required: 1. what is the break-even point for the dinner-dance (in terms of the number of persons who must attend)? 2. assume that last year only 200 persons attended the dinner-dance. if the same number attend this year, what price per ticket must be charged in order to break even? 3. refer to the original data ($40 ticket price per person). prepare a cvp graph for the dinner- dance from zero tickets up to 600 tickets sold.