Administrators at a university are planning to offer a summer seminar. It costs $3000 to reserve a room, hire an instructor, and bring in the equipment. Assume it costs $25 per student for the administrators to provide the course materials. If we know that 20 people will attend, what price should be charged per person to break even?
Total Cost = Fixed cost + Variable cost = 3000 + Number of students * Cost per head = ...
A step-by-step solution is provided for the given problem, including calculations of total cost, revenue, and the break-even point.