Use the Table Below to Answer the Following Question(s)

question 33

Multiple Choice

Use the table below to answer the following question(s) .
The Atlas Movies Theater has repriced their ticket rates to maximize revenues.They have three classes of tickets: Classic, Silver, and Gold.The table below provides information on the average ticket sales, revenue and price elasticity on demand.They have a total seating capacity of 300.The table also provides the new price for the three classes obtained using Solver.

Assume the distributions of elasticities for three classes of tickets are uniform with minimum and maximum values equal to 75% and 125% of their estimated values, respectively.Under this assumption, use Monte Carlo simulation to answer the following questions.The model is simulated for 10,000 trials.
-What is the mean absolute deviation obtained from the simulation results?

• A)3
• B)6
• C)8
• D)10

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Definitions:

Labor Underutilization

A situation where available labor resources are not being used efficiently, leading to unemployment or underemployment.

Discouraged Workers

Individuals who are not actively seeking employment due to believing there are no jobs available for them.

Marginally Attached Workers

Individuals not in the labor force who want and are available to work but have not searched for a job in the past 4 weeks, hence are not counted as unemployed in labor force statistics.