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The average price of a ticket to a baseball game can be approximated by P(x)=0.03x2 +0.52X...
The average price of a ticket to a minor league baseball game can be approximated by...
The average price of a ticket to a minor league baseball game can be approximated by PO)=0.02X2 +0.48x+6.38, where x is the number of years after 1990 and p(x) is in dollars. () Find (6) (11) Find (15) (1) Find p(15)-(6) (iv) Find p(15)-(6) and interpret this result 15-6
(1 point) A baseball team plays in a stadium that holds 62000 spectators. With the ticket price at $9 the average atten...
(1 point) A baseball team plays in a stadium that holds 62000 spectators. With the ticket price at $9 the average attendance has been 24000. When the price dropped to $6, the average attendance rose to 31000. a) Find the demand function p(x), where x is the number of the spectators. (Assume that p(x) is linear.) p(x) -7/2x^2+52x = b) How should ticket prices be set to maximize revenue? The revenue is maximized by charging$ per ticket.
(1 point) A...
When the admission price for a baseball game was $4 per ticket, 54,000 tickets were sold....
When the admission price for a baseball game was $4 per ticket, 54,000 tickets were sold. When the price was raised to $5, only 48,000 tickets were sold. Assume that the demand function is linear and that the variable and fixed costs for the ball park owners are $0.10 and $95,000 respectively. (a) Find the profit P as a function of x, the number of tickets sold. P(x) = (b) Select the graph of P. y 150000 150000 150000 100000...
The demand for a product can be approximated by q=D(p)=80e−0.01p, where p represents the price of...
The demand for a product can be approximated by q=D(p)=80e−0.01p, where p represents the price of the product, in dollars, and q is the quantity demanded. (a) Find the elasticity function: E(p)= (b) Evaluate the elasticity at 5. E(5)= (c) Should the unit price be raised slightly from 5 in order to increase revenue? ? yes no (d) Use the elasticity of demand to find the price pp which maximizes revenue for this product. p=p= Round to three decimal places as needed.
a. High Wire Electronics determines the following demand function for a new game: 9 = D(x)...
a. High Wire Electronics determines the following demand function for a new game: 9 = D(x) = V200 – x3. Where q is the number of games sold per day when the price is x dollars per game. Find the elasticity of demand. b. At what prices is elasticity of demand inelastic? Find the elasticity when price is $3. Interpret your result. d. At what price is revenue a maximum? e. What's the maximum revenue? c.
The demand for a new computer game can be modeled by p(x) = 58 -8 In...
The demand for a new computer game can be modeled by p(x) = 58 -8 In x, for 0 5x5 800, where p(x) is the price consumers will pay, in dollars, and x is the number of games sold in thousands. Recall that total revenue is given by R(x)=x.p(x). Complete parts (a) through (c) below. a) Find R(x). R(x) = b) Find the marginal revenue, R'(x). R'(x)=0 c) How many units will be sold if the price that consumers are...
The demand for a new computer game can be modeled by p(x) = 58 -8 In...
The demand for a new computer game can be modeled by p(x) = 58 -8 In x, for 0 5x5 800, where p(x) is the price consumers will pay, in dollars, and x is the number of games sold in thousands. Recall that total revenue is given by R(x)=x.p(x). Complete parts (a) through (c) below. a) Find R(x). R(x) = b) Find the marginal revenue, R'(x). R'(x)=0 c) How many units will be sold if the price that consumers are...
The price per share of a stock can be approximated by the function S(t) = (27...
The price per share of a stock can be approximated by the function S(t) = (27 - 4t) +20, where t is time (in years) since the stock was purchased. Find the average price of the stock over the first 8 years. Round the answer to two decimal places if necessary. A. $341.33 B. $64.27 C. $31.50 D. $42.67 urse
A baseball team plays in a stadium that holds 62000 spectators. With the ticket price at...
A baseball team plays in a stadium that holds 62000 spectators. With the ticket price at $11 the average attendence has been 26000. When the price dropped to $9, the average attendence rose to 31000. Assume that attendence is linearly related to ticket price. What ticket price would maximize revenue? $ Question Help: Message instructor Submit Question Jump to Answer A farmer finds that if she plants 40 trees per acre, each tree will yield 20 bushels of fruit. She...
vụI YES, Question 2. [10 points) The owner of a baseball team and local stadium has...
vụI YES, Question 2. [10 points) The owner of a baseball team and local stadium has commissioned a study that showed the demand by fans for stadium seats (per playing date) to be P = 22 -0.2Q, where P is the average price of a ticket and Q represents the number of seats (expressed in thousands). The local stadium seats a maximum of 56,000 per game. Suppose the owner offers you 10% of the revenues. If you can only choose...
The average price of a ticket to a minor league baseball game can be approximated by PO)=0.02X2 +0.48x+6.38, where x is the number of years after 1990 and p(x) is in dollars. () Find (6) (11) Find (15) (1) Find p(15)-(6) (iv) Find p(15)-(6) and interpret this result 15-6
(1 point) A baseball team plays in a stadium that holds 62000 spectators. With the ticket price at $9 the average attendance has been 24000. When the price dropped to $6, the average attendance rose to 31000. a) Find the demand function p(x), where x is the number of the spectators. (Assume that p(x) is linear.) p(x) -7/2x^2+52x = b) How should ticket prices be set to maximize revenue? The revenue is maximized by charging$ per ticket.
(1 point) A...
When the admission price for a baseball game was $4 per ticket, 54,000 tickets were sold. When the price was raised to $5, only 48,000 tickets were sold. Assume that the demand function is linear and that the variable and fixed costs for the ball park owners are $0.10 and $95,000 respectively. (a) Find the profit P as a function of x, the number of tickets sold. P(x) = (b) Select the graph of P. y 150000 150000 150000 100000...
a. High Wire Electronics determines the following demand function for a new game: 9 = D(x) = V200 – x3. Where q is the number of games sold per day when the price is x dollars per game. Find the elasticity of demand. b. At what prices is elasticity of demand inelastic? Find the elasticity when price is $3. Interpret your result. d. At what price is revenue a maximum? e. What's the maximum revenue? c.
The demand for a new computer game can be modeled by p(x) = 58 -8 In x, for 0 5x5 800, where p(x) is the price consumers will pay, in dollars, and x is the number of games sold in thousands. Recall that total revenue is given by R(x)=x.p(x). Complete parts (a) through (c) below. a) Find R(x). R(x) = b) Find the marginal revenue, R'(x). R'(x)=0 c) How many units will be sold if the price that consumers are...
The demand for a new computer game can be modeled by p(x) = 58 -8 In x, for 0 5x5 800, where p(x) is the price consumers will pay, in dollars, and x is the number of games sold in thousands. Recall that total revenue is given by R(x)=x.p(x). Complete parts (a) through (c) below. a) Find R(x). R(x) = b) Find the marginal revenue, R'(x). R'(x)=0 c) How many units will be sold if the price that consumers are...
The price per share of a stock can be approximated by the function S(t) = (27 - 4t) +20, where t is time (in years) since the stock was purchased. Find the average price of the stock over the first 8 years. Round the answer to two decimal places if necessary. A. $341.33 B. $64.27 C. $31.50 D. $42.67 urse
A baseball team plays in a stadium that holds 62000 spectators. With the ticket price at $11 the average attendence has been 26000. When the price dropped to $9, the average attendence rose to 31000. Assume that attendence is linearly related to ticket price. What ticket price would maximize revenue? $ Question Help: Message instructor Submit Question Jump to Answer A farmer finds that if she plants 40 trees per acre, each tree will yield 20 bushels of fruit. She...
vụI YES, Question 2. [10 points) The owner of a baseball team and local stadium has commissioned a study that showed the demand by fans for stadium seats (per playing date) to be P = 22 -0.2Q, where P is the average price of a ticket and Q represents the number of seats (expressed in thousands). The local stadium seats a maximum of 56,000 per game. Suppose the owner offers you 10% of the revenues. If you can only choose...
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