Question

You are Vice President of Ticket Sales for Toronto FC. The average price of ticket is...

  1. You are Vice President of Ticket Sales for Toronto FC. The average price of ticket is $20, and you expect to sell 8000 tickets on any given day. However, if it rains you will only sell 1500 tickets. Tomorrow there is a 15% chance of showers. What is the expected sales revenue of tomorrow’s game?

please provide a detailed solution

Math   Statistics-And-Probability   
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Answer #1

The average price of ticket = $20

P[ it will rain tomorrow ] = 15% = 0.15

P[ it will not rain tomorrow ] = 1 - 0.15 = 0.85

Number of tickets sold if it does not rain tomorrow = 8000

Number of tickets sold if it rains tomorrow = 1500

Expected revenue if it rains = P[ it will rain tomorrow ]*Number of tickets sold if it rains tomorrow*The average price of ticket

Expected revenue if it rains = 0.15*1500*20 = $4500

Expected revenue if it does not rains = P[ it will not rain tomorrow ]*Number of tickets sold if it does not rain tomorrow*The average price of ticket

Expected revenue if it does not rains = 0.85*8000*20 = $136000

Expected sales revenue of tomorrow’s game = Expected revenue if it rains + Expected revenue if it does not rains

Expected sales revenue of tomorrow’s game = 4500 + 136000 = $140500

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