QUESTION 14 Use the table below to create a nonlinear model based on the table to answer the following question(s). The Atlas Movies Theater is planning to reprice their ticket rates to maximize revenues. They have three classes of tickets: Classic, Silver, and Gold. The table below provides information on the average ticket sales, revenue and price elasticity on demand. They have a total seating capacity of 300. The table also provides the price range within which they plan to reduce their ticket rates. Atlas Movie Theater Ticketing Ticket Class Current Rate Average Classic Silver Gold 8.45 13.25 17.5 Total Capacity 300 Daily Sold Elasticity Price Range 150 80 30 -1.3 -2.25 -1.1 6.5 11.5 15.5 7.5 12.5 16.5 According to the nonlinear model, what is the new price for Silver tickets? O $12.06 O $7.40 O $12.50 O $12.17

QUESTION 14 Use the table below to create a nonlinear model based on the table to answer the following question(s). The Atlas Movies Theater is planning to reprice their ticket rates to maximize revenues. They have three classes of tickets: Classic, Silver, and Gold. The table below provides information on the average ticket sales, revenue and price elasticity on demand. They have a total seating capacity of 300. The table also provides the price range within which they plan to reduce their ticket rates. Atlas Movie Theater Ticketing Ticket Class Current Rate Average Classic Silver Gold 8.45 13.25 17.5 Total Capacity 300 Daily Sold Elasticity Price Range 150 80 30 -1.3 -2.25 -1.1 6.5 11.5 15.5 7.5 12.5 16.5 According to the nonlinear model, what is the new price for Silver tickets? O $12.06 O $7.40 O $12.50 O $12.17

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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