Final answer:
To raise total revenue, firms should consider the price elasticity of demand and adjust the price accordingly.
Step-by-step explanation:
The key concept in thinking about collecting the most revenue is the price elasticity of demand. Total revenue is price times the quantity of tickets sold. If demand is elastic, the firm should lower the price to increase the quantity sold and raise total revenue. If demand is inelastic, the firm should raise the price to decrease the quantity sold but still increase total revenue. If demand has unitary elasticity, the firm can adjust the price without affecting total revenue.