If the Demand Function for Tickets to a Play Is

question 31

Multiple Choice

If the demand function for tickets to a play is q = 7,500 - 75p, at what price will total revenue be maximized?

• A)$100
• B)$200
• C)$50
• D)$25
• E)none of the above.

Recognize the neurobiological and genetic factors contributing to psychological disorders.

Identify behaviors and emotional patterns associated with test anxiety and their management.

Differentiate between positive and negative symptoms of schizophrenia.

Analyze the role of personality in influencing behavior and how personality disorders manifest.

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Definitions:

Price Elasticity

A measure of how much the quantity demanded or supplied of a good changes in response to a change in its price.

Demand

The quantity of a good or service that consumers are willing and able to purchase at various prices during a given time period.

Perfectly Inelastic

Refers to a scenario in which the amount demanded or supplied shows no reaction whatsoever to changes in price.

Total Revenue

The total amount of money earned by a business from the sale of its goods and services.