If an organization sells $n$ tickets then the profit would be 20% more than the total costs of production. Lets say that it sold all the tickets except 5% of them. What is the reduction in profit?
How to tackle these problems?
Progress
I have got the answer, selling price would be $1.2 and if 95 tickets sold then selling price be 114 that means 14% profit. Answer posted below.
$n$ be $100$ tickets and each be $\$$$1.00$ then
total cost = $100$x$\$$$1.00$ = $\$$$100$
total Selling price is, 120% greater than cost = $120$$\$$
each ticket be $\frac{120}{100}$ = $\$$$1.2$
if 95% of 100 tickets are sold then 95 tickets are sold
Selling price be $95$x$1.2$ = $\$$$114$
hence profit is $14$%..