The average ticket price for a concert at the opera house was $50. the average attendance was 4000. when the ticket price was raised to $52, attendance declined to an average of 3800 persons per performance. what should the ticket price be to maximize the revenue for the opera house?

Answer

given,

opera house ticket = $50

attendance = 4000 persons

now,

opera house ticket = $52

attendance = 3800 person

assuming these are the points on the demand curve

(x, p) = (4000,50) and (x,p) = (3800,52)

using point slope formula

R(x) = x . p

at

x = 4500

hence at x =4500 the revenue is maximum

for maximum revenue ticket price will be

p = $45

the correct answer to your question is a. 4^4

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