Simultaneous Equations

question 42

Essay

Simultaneous Equations. The Metropolitan Symphony in Toledo, Ohio, has had great success with a "Senior Citizens' Night" promotion. By offering half off its regular $20 admission price, average nightly attendance has risen from 4,000 to 6,000 persons. Beverage (B) and other concession (C) revenues tied to attendance have also risen dramatically. Historically, Metropolitan Symphony has found that 75% of all concert goers will buy a $3 beverage, whereas 10% of all concert goers plus 40% of those buying beverages will spend $2 on hors d'oeuvres and other concessions.
A. Write an expression describing total revenue from tickets plus beverage plus other concessions.
B. Forecast total revenues for both regular and special senior citizens' night pricing.
C. If the profit contribution is 25% on concert ticket revenues, and 75% on beverages and other concession revenues, is the pricing promotion profitable?

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Definitions:

Avoidantly Attached

Referring to an attachment style characterized by difficulty in trusting others and maintaining close relationships.

Cognitive Dissonance

The feeling of discomfort caused by holding conflicting beliefs or values, or by acting in contradiction to one's beliefs.

Self-Monitoring

The tendency to regulate behavior to meet the demands of social situations.

Minimize Mistakes

The process or effort to reduce the number or severity of errors in a particular activity or process.