A bookshelf contains 10 mysteries, 8 biographies, and 6 science fiction books. A book is randomly selected, replaced, then anoth
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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