Charities also have an ugly trade off when it comes to fundraising. You can often raise $2 by spending $1 on fundraising at the cost of lower efficiency -- you'

Charities also have an ugly trade off when it comes to fundraising. You can often raise $2 by spending $1 on fundraising at the cost of lower efficiency -- you're spending half the money you raise on fundraising. But which gets more money to do the work, to raise $2 at 50% efficiency or to raise $0 at 100% efficiency?