Solve the Problem. -There Were 520 People at a Play. the Admission Price

question 11

Multiple Choice

Solve the problem.
-There were 520 people at a play. The admission price was $3 for adults and $1 for children. The admission receipts were $1180. How many adults and how many children attended?

• A)330 adults and 190 children
• B)190 adults and 330 children
• C)295 adults and 225 children
• D)95 adults and 425 children

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Definitions:

Complementary Good

A complementary good is a product or service that adds value to another product or service when both are used together, leading to an increase in demand for one when the price of the other decreases.

Inferior Good

An inferior good is one where demand decreases as the income of the consumer increases, opposed to a normal good where demand increases with an increase in income.

Price Elasticity

A determination of how price fluctuations affect the demand level for a good.

Demand Coefficient

A numerical measure of the sensitivity of demand for a good or service to a change in one of its determinants, such as price, income, or the price of related goods.