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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
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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 Classic Silver Gold Current Rate 8.45 13.25 17.5 Total Capacity 300 $12.50 O $12.17 Average Daily Sold 150 80 30 Elasticity Price Range 6.5 11.5 15.5 -1.3 -2.25 -1.1 7.5 12.5 16.5 According to the nonlinear model, what is the new price for Silver tickets? O $12.06 $7.40
Transcribed Image Text: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 Classic Silver Gold Current Rate 8.45 13.25 17.5 Total Capacity 300 $12.50 O $12.17 Average Daily Sold 150 80 30 Elasticity Price Range 6.5 11.5 15.5 -1.3 -2.25 -1.1 7.5 12.5 16.5 According to the nonlinear model, what is the new price for Silver tickets? O $12.06 $7.40
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