An entrepreneur is one who . Group of answer choices is willing to attempt to implement a business concept and then give up if it does not meet immediate expectations. understands the process of developing an idea and does not need to understand what it means to bring that idea to a viable business concept. knows that the concept they are about to develop will result in a profitable business. creates a new business concept for the purpose of achieving profit and growth by assembling the necessary resources to capitalize on identified opportunities.

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?