Question

How can I Determine the average number of tickets bought per person per show? How can I calculate the median value and how can I Determine the mode?

Answer 1

To determine the average tickets per person, divide the total tickets by the number of people. For the median, list ticket numbers in order and find the middle. The mode is the most frequently bought ticket quantity. Price elasticity of demand informs pricing strategy to maximize revenue.

Step-by-step explanation:

To determine the average number of tickets bought per person per show, you need the total number of tickets sold and the number of people who purchased them. Divide the total number of tickets by the number of people. To calculate the median value, list all the ticket purchase quantities in numerical order and select the middle number, or the average of the two middle numbers if there is an even set of data. The mode is determined by identifying which ticket quantity was purchased most frequently.

Regarding the concept of price elasticity of demand, this economic principle affects how the band should price their tickets to maximize revenue. If the demand is elastic, a decrease in price will lead to a larger increase in quantity sold, raising total revenue. Conversely, if the demand is inelastic, an increase in price will lead to a smaller decrease in quantity sold, again raising total revenue.

Answer 2

Given

Frequency table showing number of tickets bought per person

Find

Average number of tickets bought per person per show ; Median Value and Mode.

Explanation

Mean = Average number of tickets bought per person per show =

Total number of obersevation /number of observation.

so ,

Mean =

`\begin{gathered} mean=(1(12)+2(35)+3(44)+4(18)+5(8)+6(3))/(6) \\ \\ mean=(12+70+132+72+40+18)/(120) \\ \\ mean=2.86 \end{gathered}`

median value

to find the median value we need to arrange the data in ascending order ,

3 , 8 , 12 , 18 , 35 , 44

cumulative frequency =

there are 6 values , so median

`(120)/(6)=20th\text{ value}`

so ,

now , 20th value occurs in the cummulative frequency 47, whose corresponding value is 2.

so median = 2

mode = It is the value that appears most frequently in the set of data values.

from data number 3 is occurs more number of times so , mode = 3

Final Answer

Mean = 2.86

Median - 2

Mode = 3