Question: Use the table below to create a nonlinear model based on the table to answer the following question(s). The Atlas Movies Theater is planning to

Use the table below to create a nonlinear model based on the table to answer the following question(s). The Atlas Movies Theater is planning to reprice their ticket rates to maximize revenues. They have three classes of tickets: Classic, Silver, and Gold. The table below provides information on the average ticket sales, revenue and price elasticity on demand. They have a total seating capacity of 300. The table also provides the price range within which they plan to reduce their ticket rates.

Use the table below to create a nonlinear model

According to the nonlinear model, which of the following is the projected revenue figure for Silver tickets based on its new price?

$1,163.02

$1,224.63

$1,132.08

$1,316.92

Atlas Movie Theater Ticketing Data Ticket Class Price Range Current Average Elasticity Total Rate Daily Seating Sold Capacity 300 Classic Silver Gold $8.45 $13.25 $17.50 150 80 30 -1.5 -2 -1 $6.50 $11.50 $15.50 $7.50 $12.50 $16.50

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