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Put yourself in the shoes of Jim Holzman and say you knew the entire distribution of...

Put yourself in the shoes of Jim Holzman and say you knew the entire distribution of WTP, as shown in the frequency distribution above. If you charged a certain price for a ticket–say, $100–what would your revenues be? (Of course, different seats are going to be priced differently, but let’s keep things simple and consider the price of an average ticket.)

Describe how you would calculate the revenues and how time-consuming this would be. (70- 200 words)

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Answer #1

The total revenue can be calculated accordingly to the distribution where the total revenue is nothing but the product of the total number of tickets sold and the average price of each ticket. However, this isn't a simple method as stated as one has to normalise the number of customers accordingly and then get to impose this in the formula, else it would be difficult to estimate the overall profits as well and therefore it can be mentioned that, it is time consuming on the whole.

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