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A carnival is currently selling tickets at $5 for unlimited rides to anyone. There are 100 children, with a maximum willingness to pay $10, and 150 adults, with a maximum willingness to pay $5, that would like to go to the carnival. The carnival would like to begin practicing price discrimination. It decides that children will pay $7 per ticket and adults will pay $3. How much revenue is brought in at these prices

Sagot :

The answer is $1,150.....100 * 7 = 700, 150 * 3 =450.... 700+450= 1,150
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