Use the Following Information to Answer the Questions

question 34

Multiple Choice

Use the following information to answer the questions:
The accompanying figure depicts the demand (D) curve for general admission concert tickets to see ECON-Jammin', the world's first economics rock band, which is scheduled to visit your city next month. The concert venue can accommodate 100 fans with a marginal cost (MC) of $10 per person.
-ECON-Jammin' has recently discovered that its fans are made up of two distinct groups, which they can easily distinguish. They have decided to utilize their economic knowledge and offer a high-priced ticket of $40 per person and a low-priced ticket of $20 per person. Based on this information, what is the net revenue earned by the sales of the high-priced ticket?

• A) $500
• B) $300
• C) $250
• D) $200
• E) $150

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Definitions:

Standard Deviation

A statistical metric that quantifies the variation or dispersion of a set of data points from the mean.

Mean Content

The average value or quantity present in a given set of data or material.

Population Mean

The average value of all the elements in a population, symbolically represented by the Greek letter mu (μ).

Simple Random Sample

A subset of individuals chosen from a larger set where each individual has an equal chance of being selected.