5. The St Louis Symphony Orchestra is introducing a short summer season of concerts in Forest Park. All seating is "lawn seating" so all tickets will be priced for general admission.
Contemporary works
(Value per piece)
Familiar Classics (Value per piece)
Market Share
Type of patron
Traditional
$30
$10
70%
Progressive
$20
$50
30%
Market size= 1,000 patrons (700 Traditional and 300 Progressive)
Most patrons prefer the familiar classics by well-known composers such as Bach and Mozart. A smaller segment prefers more contemporary but lesser known composers such as John Cage and Elliot Carter.
A concert consists of three pieces and each season consists of three of concerts.
Assuming that costs are the same for all mixes, how can the St Louis Symphony organize a concert season as a combination of Familiar Classics and Contemporary Works pieces so as to maximize revenue?