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:

Taxes on Earnings

Levies imposed by a government on individuals' or entities' income from work or investment.

Real GDP

The total value of all goods and services produced within a country adjusted for inflation, representing the economic output.

Aggregate Demand

The complete call for all products and services inside an economy, priced at a certain level, over a fixed time span.

President Barack Obama

The 44th President of the United States, serving from 2009 to 2017, known for being the first African American to hold the office and implementing policies like the Affordable Care Act.