Question

(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.

Answer 1

Given baseball that holde 62000 that team plays a stadium in pρoίaHon det be the nombes a Hendlance tcket attendance is Resulfant uith P8Ice the avg at 24000 attendaφce dopped $9 2-24,000 with Psice attendance to $6. the avg to 31,000 gncsea se altendance 31,000- 24,000 fos earh 7000 incsease In dtiendance he dec sease in psice is 3 /x3- 7000 7000 Demand func hon is (z-24,000) 9- 7000 9- 32 72 7000 13 5-32 Demand F000 funchon RCx=P(x) func tion Revenve 135-37 7000 322 135 7000

have NOw Case to Set psice of hcket the So Hral Oevenue K minimum NOw p'cx)- 135 - F 7000 135 7000 135 62 74 7000 1000 135000 22500 NOW P (22500) 135 3 (2250e) 1 70G0 13 5- 67.5 1 9t 675 1350-675 70 70 $9.642 Atence he salenue when ticket pie is 5 maximum $9.642
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