Question

(a) In January, 50 tickets were sold each day from Sunday to Friday, and the remaining tickets were sold on the Saturday. What was the total income from the ticket sales?

(b) In February, the last available ticket was sold on the Wednesday. (bi) What was the greatest possible income from the ticket sales? (bil) What was the least possible income from the ticket sales?

(c) In March, all tickets were sold by the end of the Thursday. Each day, the number of tickets sold was 40 fewer than the previous day. How many tickets were sold on the Thicks day?

Answer 1

The question requires understanding and applying the concept of price elasticity of demand to maximize revenue through ticket sales, as well as solving arithmetic sequences to find ticket sales on a specific day.

Step-by-step explanation:

The student's question touches on revenue maximization through ticket sales and the concept of price elasticity of demand.

It's important to understand that total revenue is the product of the price per ticket and the quantity sold.

The three scenarios to consider are where demand is elastic, inelastic, or has unitary elasticity. With elastic demand, decreasing the price increases total revenue, while with inelastic demand,

increasing the price does so. In the case of unitary elasticity, changes in price do not affect revenue.

Moreover, the maximum and minimum revenue would depend on the number of days tickets are sold and potentially on the pricing strategy adopted.

The question of how many tickets are sold on a specific day, given a pattern of daily sales, involves a sequential arithmetic calculation.