The average ticket price for a concert at the opera house was ​$40. The average attendance was 1500. When the ticket price was raised to ​$44​, attendance declined to an average of 1100 persons per performance. What should the ticket price be to maximize revenue for the opera​ house?

Answers

Answer 1

Answer:

price should decease by 31% to $27.60 per ticket and total revenue = $75,6666.78

Step-by-step explanation:

total revenue at original price = $40 x 1500 = $60,000

the price elasticity of demand = [(1100 - 1500) / 1500] / [($44 - $40) / $40] = -26.7% / 10% = -2.67 or |2.67| in absolute terms which means that the demand is very elastic.

since the PED is very elastic, the price should decrease

If price decreases by 10%, attendance will increase by 26.7%, so total revenue = $36 x (1500 x 1.267) = $36 x 1900 = $68,400

If price decreases by 20%, attendance will increase by 53.4%, so total revenue = $32 x (1500 x 1.534) = $32 x 2301 = $73,632

If price decreases by 30%, attendance will increase by 80.1%, so total revenue = $28 x (1500 x 1.801) = $28 x 2701 = $75,628

If price decreases by 40%, attendance will increase by 106.8%, so total revenue = $24 x (1500 x 2.068) = $28 x 2701 = $74,448

the price should decrease more than 30%, but less than 40%

If price decreases by 35%, attendance will increase by 93.45%, so total revenue = $26 x (1500 x 1.9345) = $28 x 2902 = $75,452

If price decreases by 33%, attendance will increase by 88.11%, so total revenue = $26.80 x (1500 x 1.8811) = $28 x 2822 = $75,629.60

If price decreases by 32%, attendance will increase by 85.44%, so total revenue = $27.20 x (1500 x 1.8544) = $28 x 2822 = $75,659.52

If price decreases by 31%, attendance will increase by 82.77%, so total revenue = $27.60 x (1500 x 1.8277) = $28 x 2822 = $75,6666.78


Related Questions

hi! im quite confused on this. can someone please help me? ill give brainiest if youre correct :)

Answers

Answer:

I believe the answer is D

Step-by-step explanation:

after 3 hours it traveled 120 miles so divide that by the 3 hours and it gives you 40 miles per hour giving you the slope and the y int would be negative 300 because he started 300 miles aways from Denver

Answer:

The answer seems to be D

Step-by-step explanation:

I cannot really confirm but I am most certain it is D.

Find the distance between the points (7,5) and (7,-3)

Answers

Answer:

its eight on the y axis

Step-by-step explanation:

Plz help me I need help

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I'm not too sure but I think it's option

1. No, because only one angle of the triangle is congruent.

Use the midpoint formula to find the midpoint of a line (2,9) and (4,8)

Answers

Answer:

hope this helps you!

Step-by-step explanation:

(3, 8.5) is the answer

helppppppppppppp meeeeeeeeeeeeeeeeee plzzzzzzzzzzzzzzzzzz wrong or right?

Answers

Answer:

Yes you are right.

Step-by-step explanation:

Once you divide 128.25 by 3 you will get 42.75

Then you multiply 42.75 by 5 and you will get 213.75.

From 83 hours to 76 hours? And is it a increase or decrease?

Answers

Answer:

decrease

Step-by-step explanation:

Answer:

decrease

Step-by-step explanation:

i need help asap! (picture attached)

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Answer: 141 i think

Step-by-step explanation:

The set of ordered pairs below represents a function.

{(–9, 1), (–5, 2), (0, 7), (1, 3), (6, –10)}

Josiah claims that the ordered pair (6, –10) can be replaced with any ordered pair and the set will still represent a function.

Select all ordered pairs that could be used to show that this claim is incorrect.
(–9, –6)
(1, 12)
(–10, –10)
(4, 7)
(–5, 1)

Answers

Given:

The set of ordered pairs below represents a function.

{(–9, 1), (–5, 2), (0, 7), (1, 3), (6, –10)}

Josiah claims that the ordered pair (6, –10) can be replaced with any ordered pair and the set will still represent a function.

To find:

All the ordered pairs that could be used to show that this claim is incorrect.

Solution:

We need to find the ordered pairs that can be replaced with (6,-10) and for which the set is not a function.

A relation is called function if there exist a unique output for each input.

If (-9,-6) is replaces with (6,-10), then the set has two outputs y=1 and y=-6 for x=-9. So, the claim is incorrect.

If (1,12) is replaces with (6,-10), then the set has two outputs y=12 and y=3 for x=1. So, the claim is incorrect.

If (-10,-10) is replaces with (6,-10), then there exist unique output for each input. So, the claim is correct.

If (4,7) is replaces with (6,-10), then there exist unique output for each input. So, the claim is correct.

If (-5,1) is replaces with (6,-10), then the set has two outputs y=1 and y=2 for x=-5. So, the claim is incorrect.

Therefore, the correct options are (a), (b) and (e).

Solve for x: 90 - 3/2x < 30.

a.) >-20
b.) >-40
c.) x<-40
d.)<-20

all the < or > have a line under them ​

Answers

Answer:

The answer would be C, hope i helped

Step-by-step explanation:

First you have to get x by itself. So you do 90-90= 0 and 30-90= -60 which gets:

90 - 3/2x < 30       to     -3/2x < -60

Then, you do -3/2 - (-3/2)= 0 and do the same to -60. -60 - (-3/2) = -58.5

which makes it look like      

X = -58.5

-58.5 is a smaller number than -40 which means, when you fill it in for x it works      

-58.5 ≤ -40

P.S. to put a line under the < and > you    (≤ and ≥)   hold option then click on which ever one you need

help plsssssssss. cm.

Answers

It is -2.1 cm

Hope this helps

To pass a quiz, students need a score of at least 32 points out of a total of 40 points. At least what percent do the students need to pass the quiz

Answers

Answer:

80%

Step-by-step explanation:

Hope this helps :)

What is this answer?

Answers

Answer:

X intercepts (-30,0)

Y intercepts (0,-3)

write the smallest possible four-digit number using the digits 5 9 3 and 8. PLEASE HELP ASAP!!! WILL MARK BRAINLIEST!!!!

Answers

Here’s your answer

3589

Answer:

3589

Step-by-step explanation:

When trying to express the smallest number with these four digits, your answer is 3589.

Feel free to give brainliest.

Have an outstanding day!

solve:3x-8y=-33

solve:9x+8y=29

show work please

Answers

Answer:

for the first one: x = -25/3 or -8.333333

for the second one: x = 29-8y/9

Step-by-step explanation:

for the first one:

add 8 to both sides 3x=-33 + 8

simplify -33+8 to -25

divide both sides by 3

which gives you -25/3 or 8.333333

for the second one:

subtract 8y from both sides 9x=29-8y

divide both sides by 9

which gives you x= 29-8y/9

this is harder so i put more points

Answers

Answer:

Sheet metal costs $20 per square foot.

Step-by-step explanation:

7.6x - 2.3x = 106

We are finding the value of x.

5.3x = 106

Divide both sides by 5.3.

x = 106 ÷ 5.3

x = 20

                                       Answer and Explanation

__________________________________________________________

Sheet metal costs $20 per square foot( x = 20 )

__________________________________________________________

Sheet metal costs 20 dollars per square foot, and we can figure this out by multiplying the 20 by the numbers and subtracting them.

__________________________________________________________

[tex]7.6x-2.3x=106[/tex] but what does x equal? ( 20 )

[tex]7.6\cdot20[/tex] = [tex]152[/tex]

[tex]2.3\cdot20[/tex] = [tex]46[/tex]

__________________________________________________________

[tex]152-46[/tex] = [tex]106[/tex]

Which is the same in the question, so x = 20.

__________________________________________________________

Hope this helps! <3

__________________________________________________________

PLEASE HELP!!!!

Which expression is a simplified form of
[tex]3x^{2} - 4x + 5 - x^{2} + 2x - 1[/tex]
[tex]a) \: 2x^{4} - 2x^{2} + 4 \\ b) \: 2x^{4} + 6x^{2} + 4 \\ c) \: 2x^{2} - 2x + 4 \: \: \\ d) \: 4x^{2} - 2x + 4 \: \: [/tex]​

Answers

Answer:  c) 2x² - 2x + 4

Step-by-step explanation:

Benjamin owns a food truck that sells tacos and burritos. He only has enough ingredients to make 155 tacos or burritos.Write an inequality that could represent the possible values for the number of tacos sold, tt, and the number of burritos sold, bb, that would satisfy the constraint.

Answers

Answer:

t+b_< 155

Step-by-step explanation:

Solve the inequality x + 2 ≥ 8

Answers

Answer:

the answer is x ≥ 6

Step-by-step explanation:

x ≥ 8 - 2

x ≥ 6

A system of equations is graphed on a coordinate plane.
Which coordinates are the best estimate of the solution to the
system of equations?

A (2, 3)
B (1, 2)
C (2, 2)
D (2, 4)

Answers

Is there a picture that’s comes with it?? Lol

What is the value of x in the solution to this system of equations? 3x = 2y + 14
y = -6x + 18​

Answers

Use substitution
3x = 2(-6x + 18) + 14
3x = -12x + 36 + 14
3x = -12x + 50
15x = 50, x = 50/15 = 10/3
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Answers

Answer:

20% increase

Step-by-step explanation:

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Answer:

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Step-by-step explanation:

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Answers

Answer:

i got you fam

Step-by-step explanation:

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Answers

Answer:

x = 12

Step-by-step explanation:

First, eliminate the fractional coefficient 1/2, by multiplying all three terms by 2:

-24 + x = -12

Adding 24 to both sides isolates x:  x = -12 + 24, or x = 12

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Answers

The answer is 120 degrees I hope this helps

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Answers

Answer:

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Write expressions for the following scenarios.
Albert, Bill and Carl are brothers.
Bill is 4 years older than Albert.
Carl is twice the age of Albert.
Write an expression for the sum of their ages.

Answers

Answer:

flaimgo/albert

Step-by-step explanation:

Albert= A
Bill= B
Carl= C
Bill is A+4
Carl is 2A

does anyone have remind ill give u a code

Answers

Answer:

no                        

Step-by-step explanation:

no


The regular price of an item is $150. The item is on sale at a discount rate of 30%.
What is the sale price of the item?

Answers

Answer:

$105.00 is the answer subtract 45 $

Answer:

the item should cost $105

Step-by-step explanation:

its very simple just put 150 and it by 30% and its 105

150÷30%=105

Write a system of equations to describe the situation below, solve, and write as an ordered pair (with number of months as x).

Two friends, Ann and Malia, are growing out their hair. They plan to cut it off at a certain point and donate it to a charity that makes wigs for people with cancer. Ann's hair is already 23 centimeters long and grows at a constant rate of 3 centimeters per month. Malia's hair is 27 centimeters and growing at a speed of 1 centimeter per month. If the girls get their hair cut on a certain day, they will have exactly the same length to donate. How long will their hair be? How long will that take?

Answers

Step-by-step explanation:

Wyzant

ASK

ALGEBRA 1

Christina B. asked • 11/16/20

please help me i've been stuck on this question forever

Write a system of equations to describe the situation below, solve, and write as an ordered pair (with number of months as x). Two friends, Ann and Malia, are growing out their hair. They plan to cut it off at a certain point and donate it to a charity that makes wigs for people with cancer. Ann's hair is already 23 centimeters long and grows at a constant rate of 3 centimeters per month. Malia's hair is 27 centimeters and growing at a speed of 1 centimeter per month. If the girls get their hair cut on a certain day, they will have exactly the same length to donate. How long will their hair be? How long will that take?

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Allen E. answered • 11/17/20

TUTOR 5.0 (131)

Patient and knowledgeble mathematics tutor

ABOUT THIS TUTOR ›

Ann's hair length: y = 23 + 3x

Malia's hair length: y = 27 + x

Thus: 23 + 3x = 27 + x

23 + 2x = 27

2x = 4

x = 2

Ann's hair length: y = 23 + 2(3) = 29

Malia's Hair length: y = 27 + 2 = 29

Solution: (x, y) = (2, 29)

In 2 months both Ann's and Malia's hair will be 29 centimeters long.

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Erykah H. answered • 11/16/20

TUTOR 3.7 (3)

Senior at the University of Illinois looking to help how I can!

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Lauren W. answered • 11/16/20

TUTOR 5 (2)

All ages English/Writing tutor, Kindergarten through University

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Let's start with Ann's hair: 23 centimeters + 3 centimeters per month

Malia's hair: 27 centimeters + 1 centimeter per month

Now we can substitute the number of months for "x"

Ann's hair length = 23 + 3x

Malia's hair length = 27 +1x

We know that we want both girls to have the same hair length at the end so we can set these two equations as equal to each other:

23 + 3x = 27 + 1x Subtract 23 from both sides

3x = 4 + 1x Subtract 1x from both sides

2x = 4 Divide by 2

x=2 Now we know it will take 2 months for their hair to be the same length!

Let's plug that in to our original equations:

Ann's hair length = 23 + 3(2) = 29 centimeters

Malia's hair = 27 + 1(2) = 29 centimeters

It will take 2 months for the girls to grow their hair to the same length of 29 centimeters.

As ordered pairs, with x as the number of months, we can use the length of the girls hair as the y value.

At 0 months, Ann's hair is 23 cm and Malia's is 27 cm so the first ordered pairs are (0, 23) and (0, 27).

At 1 month, Ann's hair grows 3 cm and Malia's grows 1 cm so the second pairs are (1, 26) and (1, 28).

Finally, at 2 months Ann's hair is at 29 cm and so is Malia's so the final ordered pair is (2, 29) for both girls.

If you were to draw these equations on a graph, (2, 29) is where the lines would intersect.

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