A small music venue has one Saturday evening available and is considering either holding a live performance or hiring out the venue for a private event. The estimated income and costs are shown below.
| Use of the venue | Estimated income | Estimated costs |
|---|---|---|
| Live performance | £4,800 | £3,000 |
| Private event hire | £2,700 | £500 |
Explain which use of the Saturday evening the venue is more likely to choose, using the figures.
81 exam-style questions on AQA GCSE Economics 1.1 Economic foundations, covering 1.1.1a Needs and wants, 1.1.1b The central purpose of economic activity, 1.1.1c Key economic decisions, 1.1.1d The main economic groups, 1.1.2a The nature of an economic resource, 1.1.2b The four factors of production, 1.1.3a The basic economic problem and making choices, and 1.1.3b Opportunity cost. Each one has a worked solution and a mark scheme showing where the marks go.