Exhibit 5-6 Demand curve for concert tickets

-In Exhibit 5-6, suppose promoters charge a price of $30 per ticket. How much total revenue will their sales generate?
A) $300,000.
B) $400,000.
C) $500,000.
D) $600,000.

Question

Exhibit 5-6 Demand curve for concert tickets
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-In Exhibit 5-6, suppose promoters charge a price of $30 per ticket. How much total revenue will their sales generate?
A) $300,000. 
B) $400,000. 
C) $500,000. 
D) $600,000.

Quizplus · Accepted Answer

The total revenue is equal to the price per ticket multiplied by the number of tickets sold. In this case, the price per ticket is $30 and the number of tickets sold is 10,000. Therefore, the total revenue is $30 * 10,000 = $300,000.

Exhibit 5-6 Demand Curve for Concert Tickets