Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The average ticket price for a concert at the opera house was $25. The average attendance was 3000. When the ticket price was raised to
The average ticket price for a concert at the opera house was $25. The average attendance was 3000. When the ticket price was raised to 527, attendance declined to an average of 2800 persons per performance. What should the ticket price be to maximize revenue for the opera house? {Assume a linear demand curve.) To maximize revenue, the price should be $|:| per ticket. (Type an integer or decimal rounded to two decimal places as needed. Simplify your answer.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started