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 probability that more than 300 tickets will be sold?
Definitions:
Online Auction
A digital platform where goods or services are sold through bidding, allowing users to submit competitive bids until the auction time expires.
Independent E-marketplaces
Online platforms that connect buyers and sellers from various industries, allowing them to conduct transactions without traditional intermediaries.
Neutral Third Party
An independent entity that is not involved in the interests of any of the parties involved in a negotiation or conflict, providing impartial assistance.
Independent E-marketplaces
Online platforms that facilitate transactions between buyers and sellers from various industries without being managed by a single company or industry consortium.
Q1: Which of the following best defines decision
Q7: When a scatter chart of data shows
Q25: Which of the following typically describes the
Q26: What is the Allowable Increase in the
Q35: Explain the concept of semiconservative replication and
Q45: According to the model, what percentage of
Q48: What is the expected opportunity loss for
Q50: Microbial biochemistry most specifically involves the discovery
Q54: According to the transportation model, which of
Q79: Teichoic acids are commonly found in gram-negative