Final answer:
To increase museum revenue, the curator can use strategies based on the price elasticity of demand, including organizing events, adjusting ticket prices, offering memberships, and running donation campaigns.
Step-by-step explanation:
The question is about increasing revenue for a museum that is running short of funds. Understanding the price elasticity of demand is crucial for maximizing revenue. Elastic demand suggests that lowering prices may increase the quantity sold by a greater percentage, raising total revenue. Conversely, with inelastic demand, increasing prices could lead to a smaller reduction in the quantity sold, thus increasing revenue. When the demand has unitary elasticity, changes in price are offset by changes in quantity, so revenue remains constant. To generate revenue, the curator could take steps such as organizing special exhibitions and events, adjusting ticket prices according to demand elasticity, offering discounted memberships, and launching a donation campaign. These strategies can help balance the need for funds with the desire to maintain or increase museum attendance.