A baseball team plays in a stadium that holds 58000 spectators. With the ticket price at $12 the average attendance has been 25000. When the price dropped to $9, the average attendance rose to 29000. Assume that attendance is linearly related to ticket price.

Required:
a. Find the demand function p(x), where x is the number of the spectators.
b. How should ticket prices be set to maximize revenue?

Answers

Answer 1

Answer:

We need to assume that the relationship is linear.

a) Remember that a linear relation is written as:

y = a*x + b

then we will have:

p(x) = a*x + b

where a is the slope and b is the y-intercept.

If we know that the line passes through the points (a, b) and (c, d), then the slope can be written as:

y = (d - b)/(c - a)

In this case, we know that:

if the ticket has a price of $12, the average attendance is 25,000

Then we can define this with the point:

(25,000 , $12)

We also know that when the price is $9, the attendance is 29,000

This can be represented with the point:

(29,000, $9)

Then we can find the slope as:

a = ($9 - $12)/(29,000 - 25,000) = -$3/4,000 = -$0.00075

Then the equation is something like:

y = (-$0.00075)*x + b

to find the value of b we can use one of the known points.

For example, the point (25,000 , $12) means that when x = 25,000, the price is $12

then:

$12 = (-$0.00075)*25,000 + b

$12 = -$18.75 + b

$12 + $18.75 = b

$30.75 = b

Then the equation is:

p(x) = (-$0.00075)*x + $30.75

b) We want to find the ticket price such that it maximizes the revenue.

The revenue will be equal to the price per ticket, p(x) times the total attendance, x.

Then the revenue can be written as:

r(x) = x*p(x) = x*( (-$0.00075)*x + $30.75 )

r(x) =  (-$0.00075)*x^2 + $30.75*x

So we want to find the maximum revenue.

Notice that this is a quadratic equation with a negative leading coefficient, thus the maximum will be at the vertex.

Remember that for an equation like:

y = a*x^2 + bx + c

the x-value of the vertex is:

x = -b/2a

Then in our case, the x-value will be:

x = -$30.75/(2*(-$0.00075)) = 20,500

Then the revenue is maximized for x = 20,500

And the price for this x-vale is given by:

p( 20,500) =  (-$0.00075)*20,500 + $30.75 = $15.375

which should be rounded to $15.38


Related Questions

use wxy to find the measure of

Answers

Answer:

a circle

Step-by-step explanation:

Type the correct answer in each box.
Consider the expressions shown below.

A B C

Complete each of the following statements with the letter that represents the expression.


is equivalent to expression
.

is equivalent to expression
.

is equivalent to expression
.

Answers

Answer:

BAC

Step-by-step explanation:

The expression (3x² - 6x + 11) - (10x² - 4x + 6) is equivalent to the expression A, expression (-3x² - 5x - 3) - (-10x² - 7x + 2) is equivalent to the expression C, and expression (12x² + 6x - 5) - (5x² + 8x - 12)  is equivalent to the expression B.

What is polynomial?

Polynomial is the combination of variables and constants systematically with "n" number of power in ascending or descending order.

[tex]\rm a_1x+a_2x^2+a_3x^3+a_4x^4..........a_nx^n[/tex]

We have a polynomial shown in the picture.

A = -7x² - 2x + 5

B =  7x² - 2x + 7

C = 7x² + 2x - 5

The expression is:

= (3x² - 6x + 11) - (10x² - 4x + 6)

= -7x² - 2x + 5

= A

= (-3x² - 5x - 3) - (-10x² - 7x + 2)

= 7x² + 2x - 5

= C

= (12x² + 6x - 5) - (5x² + 8x - 12)

= 7x² - 2x + 7

= B

Thus, the expression (3x² - 6x + 11) - (10x² - 4x + 6) is equivalent to the expression A, expression (-3x² - 5x - 3) - (-10x² - 7x + 2) is equivalent to the expression C, and expression (12x² + 6x - 5) - (5x² + 8x - 12)  is equivalent to the expression B.

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If a coin is tossed 55 times, and then a standard six-sided die is rolled 22 times, and finally a group of five cards are drawn from a standard deck of 5252 cards without replacement, how many different outcomes are possible

Answers

Answer:

2,994,001,920 different outcomes are possible.

Step-by-step explanation:

The coin, the die and the cards are independent events, so the fundamental counting principle is used.

Also, the order in which the cards are chosen is not important, which means that the combinations formula is used to solve this question.

Fundamental counting principle:

States that if there are p ways to do a thing, and q ways to do another thing, and these two things are independent, there are p*q ways to do both things.

Combinations formula:

[tex]C_{n,x}[/tex] is the number of different combinations of x objects from a set of n elements, given by the following formula.

[tex]C_{n,x} = \frac{n!}{x!(n-x)!}[/tex]

Coin:

Tossed 5 times, each toss 2 possible outcomes, so:

[tex]2^5 = 32[/tex]

32 possible outcomes.

Die:

Tossed 2 times, each toss with 6 possible outcomes, so:

[tex]6^2 = 36[/tex]

36 possible outcomes.

Cards:

Chosen without replacement, so the combinations formula is used, 5 from a set of 52. So

[tex]C_{52,5} = \frac{52!}{5!47!} = 2598960 [/tex]

How many different outcomes are possible?

Using the fundamental counting principle:

[tex]T = 32*36*2598960  = 2994001920[/tex]

2,994,001,920 different outcomes are possible.

For a hypothesis test of the claim that the mean amount of sleep for adults is less than 6 ​hours, technology output shows that the hypothesis test has power of 0.4272 of supporting the claim that μ<6 hours of sleep when the actual population mean is 4.0 hours of sleep. Interpret this value of the​ power, then identify the value of β and interpret that value.

Answers

Answer:

#[tex]\beta=0.5492[/tex]

#This Value of [tex]\beta[/tex] goes to indicate that there is greater [tex]50\%[/tex] probability that [tex]\mu<8[/tex] will not be acknowledged at [tex]\mu =5[/tex]

Step-by-step explanation:

From the question we are told that:

Amount of sleep for adults [tex]X=P(< 6)[/tex]

Hypothesis test has power [tex]p=0.4272[/tex]

Mean [tex]\=x =4hours[/tex]

Generally the equation for [tex]\beta[/tex] is mathematically given by

[tex]\beta=1-P[/tex]

[tex]\beta=1-0.4508[/tex]

[tex]\beta=0.5492[/tex]

Therefore

This Value of [tex]\beta[/tex] goes to indicate that there is greater [tex]50\%[/tex] probability that [tex]\mu<8[/tex] will not be acknowledged at [tex]\mu =5[/tex]

When Poll Pasked students to identify their favorite kind
of TV show, 12 students, 30% of the group, said their
favorite was Sports. Poll Q asked 3 times as many
students as Poll P.
G
How many students took Poll Q?

Answers

Answer:A) The number of students who took Poll P

Step-by-step explanation:

i did it on the assignment

what it the value of m when (2m+8)° and the other angle 24°​

Answers

Answer:

m = 74

Step-by-step explanation:

2m+8 +24 has to = 180 because they form a line. So the equation would be 2m+32 = 180, so then 2m would equal 148, so m = 74.

If a square root parent function is vertically compressed by a factor of 1/6,
what is the equation of the new function, G(x)?
O A. G(x)=1/6square root of x
B. G(x) = Square root of 6x
C. G(x) = 6 square root of x
D. G(x) = -6 square root of x

Answers

Answer:

the answer could be B i think cause that makes total sense

I think the answer is b

What is the value of this expression when h= -2 and g = 5?
242 +9

Answers

Answer:

B

Step-by-step explanation:

the g is not in the root, solve everything in the root separately and then add g to it

order of operations
(20-6+4)*2+2

Answers

38. If this isn’t the answer, let me know and I’ll do it again.
38 is the right answer purrrrrr

The population of the world in 1987 was 5 billion and the annual growth rate was estimated at 2 percent per year. Assuming that the world population follows an exponential growth model, find the projected world population in 2015

Answers

Answer:

The projected world population in 2015 was 8,705,121,030 people.

Step-by-step explanation:

Given that the population of the world in 1987 was 5 billion and the annual growth rate was estimated at 2 percent per year, assuming that the world population follows an exponential growth model, to find the projected world population in 2015 the following calculation must be performed :

5,000,000,000 x 1.02 ^ (2015-1987) = X

5,000,000,000 x 1.02 ^ 28 = X

5,000,000,000 x 1.741024 = X

8,705,121,030 = X

Therefore, the projected world population in 2015 was 8,705,121,030 people.

Round 86,261,785 to the nearest hundred?

Answers

Answer:

86,261,800 is your answer

Answer:

86,261,800

Step-by-step explanation:

Locating the hundreds place...

86,261,785

Look at the digit to the right of it.

86,261,785

Since the digit '8' is greater than or equal to 5, we would round up.

86,261,785 ≈ 86,261,800

Hope this helps.

i need help plz help.i need the answer asap

Answers

Answer:

Step-by-step explanation:

If you need to use all the letters, the only other word I can see is STRUT.

Answer:

120

Step-by-step explanation:

5!

if they are looking for words that actually exist then 11

also rsm right?

HELP ASAP!!!!
What is the X intercept of the graph that is shown below?(-2, 0)
(-1, 2)
(0.4)
(4.0)

Answers

Answer:

The x-intercept of the graph is (-2,0)

OAmalOHopeO

+
Put the following decimals in order, starting with the smallest at the top.
Smallest
5.07
5.76
50.67
55.706
50.765

Answers

Answer:

5.07, 5.76, 50.67, 50.765, 55.706

Step-by-step explanation:

The owner of a skate shop notices that every time a certain employee has a shift, there are higher sales numbers at the end of the day. After some investigation, the owner realizes that since the employee was hired, the store earns 15% more each month. In this scenario, the manager used which quality of analytical thinking?

Answers

In this scenario, the quality of analytical thinking that was used by the manager is analytical skills.

An analytical thinking is also referred to as analytical reasoning and it can be defined as the ability of a leader (manager) to tackle complicated problems by critically evaluating information that has been gathered and organized, be it quantitative or qualitative in nature.

The importance of analytical thinking.

Analytical thinking is very important and essential in business management as it is typically used by leader (manager) to tackle complicated problems and issues, especially by discerning patterns within the information they have gathered and organized.

Basically, analytical skills are soft skills because they help in identifying and proffering solutions to complex problems and issues within a business.

In conclusion, the quality of analytical thinking that was used by the manager in this scenario is analytical skills.

Know more on analytical skills, here:

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What is the slope of the line that passes through the points (9, 4) and (9,-5)?
Write your answer in simplest form.

Answers

Answer:

slope=undefined

Step-by-step explanation:

(-5-4)/(9-9)

-9/0

[tex]\frac{(y_2-y_1)}{(x_2-x_1)}[/tex]

[tex]\frac{(-5-4)}{(9-9)}[/tex]

[tex]\frac{-9}{0}[/tex]

Because the denominator is 0, the slope is undefined.

Rise over run. The run is 0.

I need help with this​

Answers

Answer:

A. More students prefer Model A1 calculators than the Model C3 calculators.

19/3+[14/3 ÷{10-3(3+1/2-1/4)×1/3}]

Answers

Answer:

= 3 11/20

Sorry I am not doing the step by step.

The entire graph of the function f is shown in the figure below.
Write the domain and range of f using interval notation.

Answers

Answer:

below

Step-by-step explanation:

domain. = ( -5 , 4)

range = ( -2 , 3)

The scores from the first test for students in my statistics class have an average of 70 and a standard deviation of 3. The scores from the second test has the same average and standard deviation as scores from the first test. The variance of the score from the second test given that the score in the first test is 65, is 2. Assume the scores of the students in the first test and second test are positively correlated and have a bivariate normal distribution. Calculate the average scores of the students in the second test given that the scores in the first test are 65.

Answers

Answer:

[tex]P(Y| X = 65)=66[/tex]

Step-by-step explanation:

From the question we are told that:

Mean[tex]\=x=70[/tex]

Standard Deviation [tex]\sigma=3[/tex]

Variance [tex]\sigma^2=2[/tex]

Generally the equation for Variance of Prediction is mathematically given by

[tex]\sigma_{p}^2=\sigma_{p}'^2*(1-r^2)[/tex]

Where

[tex]\sigma_{p}'^2=variance\ of\ predictor[/tex]

Therefore

[tex]2=3^2*(1-r^2)\\\\r=0.88[/tex]

Therefore

The Average score of student in 2nd test  

[tex]P(Y| X = x) = \mu +\frac{p\sigma}{\sigma(x −\mu_X)}[/tex]

[tex]P(Y| X = 65) = 70 +0.88\frac{3}{3)}*(65-70)[/tex]

[tex]P(Y| X = 65)=66[/tex]

A survey of 200 school children classified students by gender and the number of times Sharky's Soda was purchased each month at school. Examine the chart below, where each respondent is classified according to the two criteria.
- What percentage of boys bought 1 Sharky's? What percentage of girls bought 2 or more Sharky's?
-What percentage of people bought no Sharky's?
-How would you characterize the relationship between boys that purchased Sharky's and the total of people buying 2 or more Sharky's Soda?

Answers

Answer:

15%

65%

7.5%

Step-by-step explanation:

1.) Percentage of boys who bought 1 Sharkys

Number of boys that bought 1 sharkys = 15

Total number of boys = 100

= 15 / 100 * 100% = 15%

2.)

Percentage of girls who bought 2 or more sharkys :

Number of girls who bought 2 or more sharkys

= 65

Total number of girls = 100

= 65 / 100 * 100% = 65%

3.)

Percentage of people who bought no sharkys

Number of people who bought no sharkys = 15

Total number of people = 200

15 / 200 * 100% = 7.5%

Look at the images above. How are the fish food box and the shipping box similar? How are they different?​

Answers

Answer:

Read below c:

Step-by-step explanation:

Both are rectangular prisms and they have similar dimensions. They are different because one is visibly larger then the other.

hope it helps c:

Kylie fell asleep 34% of the way through the trip. If kylie fell asleep after they had traveled 306 miles what wasthe total length of the trip.

Answers

Answer:

900

Step-by-step explanation:

34/100 = 306/x

Cross multiplying, you get:

34x=30600

x=900

Total trip is 900 miles long.

Last question pls help me

Answers

Answer:

Step-by-step explanation:

684 dollars

The degree of this expression 2x+3y=4

Answers

Answer:

1st degree

Step-by-step explanation:

You look at the largest exponet, right here, there are none so it would be 1st degree.

Answer:

1

Step-by-step explanation:

The degree of an expression with multiple exponents is the highest exponent in it. In this expression, there is no expression, so the answer will be 1 because there is no exponent and every variable and number has an invisible 1 as its exponent.

Hope this helps.

Simplify 45 - 8 + 12 - (-25)

Answers

Answer:

74

Step-by-step explanation:

BODMAS

12-(-25)

=12+25=37

45-8+37

45-8=37

37+37=74

=74

Answer:

37+12+25

74 Answer

hope it helps

Which statement is true concerning the set {1,1,0,15, 2,3, 4,0,1,3} ?
a. The standard deviation is 4.42 and the z-score is 2.17, a mild outlier.
b. The standard deviation is 19.5556 and the z-score is 2.17, a mild outlier.
c. The standard deviation is 4.42 and the z-score is 2.71, a mild outlier.
d. The standard deviation is 4.24 and the z-score is 2.71, a mild outlier.

Answers

Answer:

I hope C option is write I hope you help

Expand & simplify:
(x - 3)(x-4)

Answers

Answer:

[tex] {x}^{2} −7x+12[/tex]

Step-by-step explanation:

[tex](x−3)(x−4)[/tex]

[tex]x(x−4)−3(x−4)[/tex]

[tex]x \times x+x(−4)−3x−3(−4)[/tex]

[tex] {x}^{2} −4x−3x+12[/tex]

[tex] {x}^{2} −7x+12[/tex]

Hope it is helpful....

Answer:

x

[tex] {x}^{2} - 7x + 12[/tex]

Step-by-step explanation:

[tex](x - 3)(x - 4)[/tex]

[tex]x( x - 4) - 3(x - 4)[/tex]

[tex] {x}^{2} - 4x - 3x + 12[/tex]

[tex] {x}^{2} - 7x + 12[/tex]

simplify (q and (-q or p)) or (p and -(q and p))

Answers

Step-by-step explanation:

(q and (not q or p)) = (q and not q) or (q and p) = false or q and p = q and p

(p and not (q and p)) = (p and (not q or not p)) =

= (p and not q) or (p and not p) = (p and not q) or false =

= p and not q

so, we have in total

(q and p) or (p and not q) = (p and q) or (p and not q).

this is p, because if p=false both brackets are false and therefore the whole expression is false. and if p=true, then one of the 2 brackets must be true, which makes the whole expression true.

Someone help so lost I didn’t understand the course and now I’m stuck please help a girl out

Answers

Answer:

the answer is b. you are basically multiplying them

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