The movie theater in Glendon has two types of customers: domestic students (group 1) and international students (group 2). At a price of p₁ cents, the number of movie tickets that domestic students are willing to buy per year is given by: 91=214-0.3p₁. At a price of p₂ cents, the number of movie tickets that international students are willing to buy per year is given by: 92-104-0.32p2. The total costs for the movie theater depend on the total number of tickets sold, 91+92, and are given by the following total cost function C(q1+92)= (91+92)². Note: You should round all of your answers below to the second decimal point.
The movie theater in Glendon has two types of customers: domestic students (group 1) and international students (group 2). At a price of p₁ cents, the number of movie tickets that domestic students are willing to buy per year is given by: 91=214-0.3p₁. At a price of p₂ cents, the number of movie tickets that international students are willing to buy per year is given by: 92-104-0.32p2. The total costs for the movie theater depend on the total number of tickets sold, 91+92, and are given by the following total cost function C(q1+92)= (91+92)². Note: You should round all of your answers below to the second decimal point.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![The movie theater in Glendon has two types of customers: domestic students (group 1) and international
students (group 2). At a price of p₁ cents, the number of movie tickets that domestic students are willing to
buy per year is given by: 9₁=214-0.3p₁. At a price of p₂ cents, the number of movie tickets that international
students are willing to buy per year is given by: 92-104-0.32p₂. The total costs for the movie theater depend
on the total number of tickets sold, 91+92, and are given by the following total cost function C(9₁+92)=
(91+92)².
Note: You should round all of your answers below to the second decimal point.
The movie theater's management receives too many complaints from students about the fact that they charge
different prices to domestic vs international students, so they are forced to charge the same price to
everybody. With this new pricing strategy, what will be the cost of a movie ticket?
Answer:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5687fb83-fd7a-4439-8d0d-6db0a7688176%2F877c02e5-aa14-409c-a9fd-581a454b7da8%2Fgnizu3c_processed.png&w=3840&q=75)
Transcribed Image Text:The movie theater in Glendon has two types of customers: domestic students (group 1) and international
students (group 2). At a price of p₁ cents, the number of movie tickets that domestic students are willing to
buy per year is given by: 9₁=214-0.3p₁. At a price of p₂ cents, the number of movie tickets that international
students are willing to buy per year is given by: 92-104-0.32p₂. The total costs for the movie theater depend
on the total number of tickets sold, 91+92, and are given by the following total cost function C(9₁+92)=
(91+92)².
Note: You should round all of your answers below to the second decimal point.
The movie theater's management receives too many complaints from students about the fact that they charge
different prices to domestic vs international students, so they are forced to charge the same price to
everybody. With this new pricing strategy, what will be the cost of a movie ticket?
Answer:
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