QUESTION 7 The Art institute of Chicago is thinking of introducing a special reduced rate to the museum for weekday admissions. Suppose that the proposed weekday and weekend rates are p1 and p2. A pricing analyst has used data from other museums to estimate a multinomial choice model for modeling the choice behavior of customers between visiting on a weekday, visiting on a weekend, and not visiting at all. The attractiveness of visiting on a weekday is exp(30 - p1), on a weekend is exp(45 - p2), and of not visiting is 1. If the museum sets a price of p1 = 30 on a weekday and p2 = 45 on a weekend, what is the expected revenue if the total number of potential customers is 1000? O 1. $45000 O 2. $30000 3. $25000 O 4. $10000 QUESTION 8 In the Art Institute example above, if it is calculated that the optimal expected revenue per sale opportunity R* is $40.3035, then what are the optimal prices for weekdays and weekends? O $42.3035 for weekdays and $41.3035 for weekends $41.3035 for weekdays and $42.3035 for weekends $40.3035 for both weekdays and weekends. $41.3035 for both weekdays and weekends