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To calculate the net income for the live music event, we will need to compute the total revenue from sales and subtract the total costs incurred.

### Revenue Calculation
1. **Revenue from drinks**: $112$ drinks sold at $ \$7.25 $ each.
2. **Revenue from tickets**: $138$ tickets sold at $ \$20 $ each.

### Cost Calculation
1. **Contractor costs**:
   - Hire pop band: $ \$282 $
   - Hire rock band: $ \$268 $
   - Cleaning costs: $ \$460 $
2. **Regular costs**:
   - Employee wages: $ \$488.77 $
   - Cost for drinks: $112$ drinks at $ \$1.63 $ per drink.

We'll calculate these individually and then find the net income by subtracting total costs from total revenues.

Let's compute these now.The calculations yield the following results for the live music event:

- **Total Revenue**: \$3572.00
- **Total Costs**: \$1681.33
- **Net Income**: \$1890.67

Hence, the net income for the event is \$1890.67.

Would you like to know more details or have any further questions? Here are some additional queries you might consider:

1. How would the net income change if more tickets were sold?
2. What would be the impact on net income if the cost to produce each drink were reduced?
3. How does the cost of hiring bands affect the overall profitability?
4. What percentage of the total revenue is net income?
5. Could increasing the ticket price potentially increase the net income?

**Tip**: When organizing events like this, monitoring the ratio of fixed to variable costs can help optimize pricing and spending strategies to maximize profitability.

Learn how to calculate the net income for a live music event, including total revenue from drinks and tickets, contractor and regular costs. Find out the step-by-step process with key formulas for this business scenario. Suitable for high school students learning about business and math.

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