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 accompanying table provides information 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. According to the nonlinear model, which of the following is the projected revenue figure for Silver tickets based on its new price? Click the icon to view the ticketing model. OA. $1,224.63 OB. $1,132.08 OC. $1,163.02 OD. $1,316.92 Ticketing Model Atlas Movie Theater Ticketing Data Ticket Class Classic Silver Gold COS Current Average Elasticity Total Rate Daily Seating Capacity Sold $8.45 $13.25 $17.50 150 80 Print -1.5 -2 -1 Done 300 Price Range $6.50 $7.50 $11.50 $12.50 $15.50 $16.50

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 accompanying table provides information 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. According to the nonlinear model, which of the following is the projected revenue figure for Silver tickets based on its new price? Click the icon to view the ticketing model. OA. $1,224.63 OB. $1,132.08 OC. $1,163.02 OD. $1,316.92 Ticketing Model Atlas Movie Theater Ticketing Data Ticket Class Classic Silver Gold COS Current Average Elasticity Total Rate Daily Seating Capacity Sold $8.45 $13.25 $17.50 150 80 Print -1.5 -2 -1 Done 300 Price Range $6.50 $7.50 $11.50 $12.50 $15.50 $16.50

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The demand for a 12-ounce bottle of sparkling water is given in the table. Demand Schedule for Sparkling Water in 12-ounce Bottles Price (dollars per bottle) 2.29 2.69 3.09 3.49 3.89 4.29 Demand (million bottles) 25 9 3 2 1 0.5 (a) Write the function for the exponential model that gives demand in million bottles, as a function of price per bottle p, with data from 2.29 s ps 4.29. (Round all numerical values to two decimal places. Be sure you use the correct input variable p.) D(p) = Does the model indicate a price above which consumers will purchase no bottles of water? The model is exponential and ---Select--- the horizontal axis. Therefore there is --Select--- above which consumers will not purchase water. (b) What quantity of water will consumers purchase when the market price is $4.09? (Round your answer to two decimal places.) million bottles (c) Calculate the amount that consumers willing and able to spend to purchase the quantity found in part (b). (Round your answer to one…
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