The ticket for an IPL match in Chennai was ₹2,500. When the price of the ticket was lowered, the sale(number of tickets) of the tickets was increased by 50%, but the revenue noticed a reduction of 15%. What was the reduced price of the ticket (rounded off to two decimal places) ?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is Option 3 i.e. ₹1416.67.
Income = Price of ticket × total ticket
The price of the ticket = Rs.2500
Initial income = 2500 × 2500 = Rs.6250000
New Revenue = 6250000 × 85% = 5312500
New quantity of the tickets = 2500 × 150% = 3750
Reduced price = 5312500/3750 = ₹ 1416.67