7. Phillip sold 1200 tickets for the holiday concert at Earl Haig for $20 per ticket. His committee is planning to increase the prices this year. Their research has shown that for each $2 increase in the price of the tickets, 60 fewer tickets will be sold. a) What should Phillip's committee sell each ticket for, to maximize their revenue?
7. Phillip sold 1200 tickets for the holiday concert at Earl Haig for $20 per ticket. His committee is planning to increase the prices this year. Their research has shown that for each $2 increase in the price of the tickets, 60 fewer tickets will be sold. a) What should Phillip's committee sell each ticket for, to maximize their revenue?
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter5: Elasticity
Section: Chapter Questions
Problem 1SCQ: From the data in Table 5.5 about demand for smart phones, calculate the price elasticity of demand...
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