The team owners tell you that all tickets for the upcoming season will be sold at $7.00, and only general admission seating will be available. The average game draws 800 fans to the ballpark, each of whom purchases a ticket. Your research shows that minor league teams in your region typically double their average attendance on baseball hat giveaway nights. As such, the owners are projecting that the team will sell 1,600 tickets for this game. Rows of vacant seats in a baseballs stadium. © Andrey Kravchenko/Getty Images The owners have found a supplier who can produce the souvenir Jaguar baseball hats for $3.10 per unit, as long as the team orders a minimum of 1,000 units. The team owners are reluctant to spend thousands of dollars on this new promotion and have asked you to show profit and revenue numbers for baseball hat promotion night. The purpose of this exercise is to learn how the variation of cost, total revenue, and quantity can determine price. Recall that: Profit = Total Revenue - Total Costs. Total Revenue (TR) = Price (P) x Quantity Sold (Q). If the team buys 1,600 baseball hats, what is the total cost of the promotion