class council determined that its profit from the upcominghomecoming dance is directly related to the ticket price for thedance.

geduiwelh

geduiwelh

Answered question

2020-11-01

class council determined that its profit from the upcoming homecoming dance is directly related to the ticket price for the dance. Looking at past dances, the council determined that the profit pp can be modeled by the function p(t)=12t2+480t+30, where tt represents the price of each ticket. What should be the price of a ticket to the homecoming dance to maximize the council's profit? Price

Answer & Explanation

liannemdh

liannemdh

Skilled2020-11-02Added 106 answers

The ticket price needed to maximize the profit is the x-value of the vertex of the quadratic function. The highest point is the vertex of the parabola represented by the equation in the form y=ax2+bx+c with a<0 where the x-coordinate is given by x=−b2a.
From the given, a=−12 and b=480
t=(4802(12))=20
So, ticket should be priced at $20 to maximize the profit.
Using this t-value and the profit function, the maximum profit is:
p(20)=12(20)2+480(20)+30
p(20)=4830
So, the maximum profit is $4,830.

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