Cynthia works at an engineering firm in arizona that installs transmission lines and works with the electrical systems of buildings. she is in charge of strategic planning. mostly her firm has worked with cities such as tucson and phoenix. once in a while they will receive a major project from the state, such as renovating a major government building in the capital. however, cynthia's firm wants to expand its target market beyond government projects. under her direction, the marketing team launched an initiative to target more potential clients in different areas. two areas in which cynthia would like to expand include colleges and large for-profit businesses. refer to scenario 5.1. a market is a group of individuals and/or organizations that have a desire or need for products in a product class and have the ability, willingness, and authority to purchase those products. there are two types of markets. cynthia's organization targets

Suppose there are three types of consumers who attend concerts at your university’s performing arts center: students, staff, and faculty. each of these groups has a different willingness to pay for tickets; within each group, willingness to pay is identical. there is a fixed cost of $1,000 to put on a concert, but there are essentially no variable costs. for each concert: i. there are 140 students willing to pay $20. (ii) there are 200 staff members willing to pay $35. (iii) there are 100 faculty members willing to pay $50. a) if the performing arts center can charge only one price, what price should it charge? what are profits at this price? b) if the performing arts center can price discriminate and charge two prices, one for students and another for faculty/staff, what are its profits? c) if the performing arts center can perfectly price discriminate and charge students, staff, and faculty three separate prices, what are its profits?