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Question

1000 tickets are sold for $4 each. If the price is increased by $0.25 the tickets sold decrease by 50. What ticket price will result in the greatest revenue?

Answer 1

Scenario 1:

Number of tickets sold = 1000

Price at which tickets sold = 4$ each

Therefore, total amount for selling 1000 tickets = 1000 x 4 = 4000$

Scenario 2:

Number of tickets sold = 1000 - 50 = 950

Price at which tickets sold = 4$ + .25$ = 4.25$ each

Therefore, total amount for selling 950 tickets = 950 x 4.25 = 4037.5$

Looking at the 2 scenarios it's clearly known that more revenue can be made by selling tickets at a price of 4.25$.

Answer 2

Best ticket price will be the second one.

950x4,25= $4037,5

First price was only 1000x4=$4000