Suppose the demand for concert tickets is given by Q=240-4P. The concert manager wants to maximize revenue (the price where elasticity is equal to -1). There are no capacity constraints on the venue. What price should she charge? a. 50 b. 40 c. 30 d. 20 please show work. thanks.

Suppose the demand for concert tickets is given by Q=240-4P. The concert manager wants to maximize revenue (the price where elasticity is equal to -1). There are no capacity constraints on the venue. What price should she charge? a. 50 b. 40 c. 30 d. 20 please show work. thanks.

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter6: Simple Pricing

Section: Chapter Questions

Problem 10MC

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