Scenario 15-9
Suppose executives at an art museum know that 100 adults are willing to pay $12 for admission to the museum on a weekday. Suppose the executives also know that 200 students are willing to pay $8 for admission on a weekday. The cost of operating the museum on a weekday is $2,000.
-Refer to Scenario 15-9. How much profit will the museum earn if it charges all customers $12 for admission?
A)-$800
B)$100
C)$800
D)$1,200

Question

Quizplus · Accepted Answer

If the museum charges all customers $12, only the 100 adults will pay, generating $1,200 in revenue. The cost is $2,000, so the profit is $1,200 - $2,000 = -$800.

Scenario 15-9 Suppose Executives at an Art Museum Know That 100 Adults