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1,

ABC amusement park always has long lines and long waits to purchase a ticket for entrance. Given the high demand for the amusement park, the owner of the amusement park is considering raising the price of the entrance ticket.

Q: Assuming that the goal of the owner is to increase total revenue by raising the price of the entrance ticket, discuss what the owner needs to examine first before deciding whether or not to increase the price of the entrance ticket.

Instruction: Use graphical analysis to support your answer. Make sure to explain your answer in your own words, instead of just providing graphs.