Southern Technical College, Brandon

• MATH 101

• Economics Case Studies Scarcity and Economics Case Study #1- Read the scenario and use only the information below to answer the questions. It’s your last year of high school and you have been asked to organize the annual senior party that takes place in your school’s gym. Last year, the price was $15 per person and 460 students attended. You plan to charge the same price this year and expect the same number of students to show up. Below is the cost of different booths that you can have at the party. The ones with an asterisk (*) are larger and require 20% of the area in the gym. The other booths are smaller and require only 5% of the gym. It is your job to pick which booths to have at the party. Casino* $4000 Full buffet* $5000 Laser tag* $1000 Sumo wrestling* $500 Climbing wall $2000 Giant slide* $500 Magician* $1500 Taco bar $2000 DJ/Music* $3000 Henna tattoos $200 Sandwich bar $800 VR games* $500 Face paint $200 Hypnotist* $1500 Soda fountain $200 Water coolers $100 1. What is your budget? How much can you spend on booths? If I charge 15$ per student and