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Tickets to a certain concert sell for $20 each. The first 10 people to show upat the ticket booth received a...

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Tickets to a certain concert sell for $20 each. The first 10 people to show upat the ticket booth received a...

by BTGmoderatorLU » Thu Apr 09, 2020 5:07 am

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Source: Economist GMAT

Tickets to a certain concert sell for $20 each. The first 10 people to show up at the ticket booth received a 40% discount, and the next 20 received a 15% discount. If 56 people bought tickets to the concert, what was the total revenue from ticket sales?

A. $600
B. $740
C. $850
D. $980
E. $1,140

The OA is D
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Re: Tickets to a certain concert sell for $20 each. The first 10 people to show upat the ticket booth received a...

by Jay@ManhattanReview » Fri Apr 10, 2020 5:44 am
BTGmoderatorLU wrote: ↑
Thu Apr 09, 2020 5:07 am
 Source: Economist GMAT

Tickets to a certain concert sell for $20 each. The first 10 people to show up at the ticket booth received a 40% discount, and the next 20 received a 15% discount. If 56 people bought tickets to the concert, what was the total revenue from ticket sales?

A. $600
B. $740
C. $850
D. $980
E. $1,140

The OA is D
Ticket rate for the each of the first 10 people = 20 – 40% of 20 = $12;
Ticket rate for the each of the next 20 people = 20 – 15% of 20 = $17;

Since 56 people bought tickets, 56 – 10 – 20 = 26 people bought at the rate of $20.

Total revenue from ticket sales = 10*12 + 20*17 + 26*20 = $980

The correct answer: D

Hope this helps!

-Jay
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Re: Tickets to a certain concert sell for $20 each. The first 10 people to show upat the ticket booth received a...

by deloitte247 » Sat Apr 11, 2020 1:25 am
Normal ticket price = $20
40% discount = 40% * 20 = $8
Price after 40% discount = $20 - $8 = $12
15% discount = 15% * 20 = $3
Price after 15% discount = $20 - $3 = $17
Total ticket sales = 56

Revenue from first 10 = price after 10% discount * 10
=$12 * 10
=$120

Revenue for the next 20 = price after 15% discount * 20
= $17 * 20
=$340

Remaining sales = 56 - ( 20 + 10 )
= 56 - 30
= 26 tickets

Revenue from the remaining 26 tickets = normal ticket price * 26
=$20 * 26
= $520

Total revenue = revenue from first 10 tickets + revenue from first 20 tickets + revenue from the remaining 26 tickets
=$120 + $340 + $520
= $980

Answer = D
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Re: Tickets to a certain concert sell for $20 each. The first 10 people to show upat the ticket booth received a...

by Scott@TargetTestPrep » Sat Apr 11, 2020 6:23 am
BTGmoderatorLU wrote: ↑
Thu Apr 09, 2020 5:07 am
 Source: Economist GMAT

Tickets to a certain concert sell for $20 each. The first 10 people to show up at the ticket booth received a 40% discount, and the next 20 received a 15% discount. If 56 people bought tickets to the concert, what was the total revenue from ticket sales?

A. $600
B. $740
C. $850
D. $980
E. $1,140

The OA is D
We will assume that those who bought the tickets after the first 30 people will not receive any discount. That is, they have to pay the full price of the ticket.

If that is the case, then the total revenue from the ticket sales was:

20 x 0.6 x 10 + 20 x 0.85 x 20 + 20 x (56 - 30)

120 + 340 + 520 = 980

Answer: D

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