🏷️ LIMITED TIME OFFER: GET 20% OFF GRADE+ YEARLY SUBSCRIPTION →
Log in
Mathematics
1
answer
0
watching
198
views

A baseball team plays in a stadium that holds 55,000 spectators. With ticket prices at $10, the average attendance had been 27,000. When ticket prices were lowered to $8, the

average attendance rose to 33,000.

(a) Find the demand function, assuming that it is linear.

(b) How should ticket prices be set to maximize revenue?

Watch
1
answer
0
watching
198
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Bunny Greenfelder
Bunny GreenfelderLv2
21 May 2020

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in
Share

Related questions

A hockey team plays in an arena with a seating capacity of 15,000 spectators. With the ticket price set at $12, average attendance at a game has been 11,000. A market survey indicates that for each dollar the ticket price is lowered, average attendance will increase by 1000. How should the owners of the team set the ticket price to maximize their

revenue from ticket sales?

During the summer months Terry makes and sells necklaces on the beach. Last summer he sold the necklaces for $10 each and his sales averaged 20 per day. When he increased

the price by $1, he found that the average decreased by two sales per day.

(a) Find the demand function, assuming that it is linear.

(b) If the material for each necklace costs Terry $6, what should the selling price be to maximize his profit?

Weekly leaderboard

Home
Homework Help 3,900,000
Mathematics 240,000
Start filling in the gaps now
Log in