A ticket office is trying to sell tickets for two separate small concerts to 30 music students. They learned about the distribution of willingness to pay (WTP) for the 30 students as shown in Table 1 (note that they cannot identify individual students by their WTP). Suppose that the ticket office wants to maximize the total revenue from selling the tickets to the 30 students. Students are rational: they make their purchase decisions for two concerts to maximize their surplus (defined as "WTP - price"). Their WTP for a bundle of the two concerts is equal to the sum of their WTPs for the two concerts separately.

Q: What is the total revenue under optimal pricing strategy? (1 point)

Table 1: Students' WTP for the two concerts Students WTP (in $) for concert 1 WTP (in $) for concert 2 1 20 25 20 25 20 25 20 25 20 25 20 25 20 25 22 24 22 24 22 24 22 24 22 24 22 24 22 24 22 24 25 20 27 20 20 20 20 20 20 20 20 20 20 20 20 20 20 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 27 27 27 27 27 27 27 27 27 27 27 27 27