A baseball team plays in a stadium that holds 55,000 spectators. With ticket pri

Harlen Pritchard 2021-09-10 Answered
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 to10,the average attend ance had been 27,000.When ticket prices were lowered to 8, the average attendance rose to 33,000. How should ticket prices be set to maximize revenue?
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Expert Answer

StrycharzT
Answered 2021-09-11 Author has 102 answers

a) p(x)=13000x+19
R(x)=xp(x)=13000x2+19x
R(x)=0=23000x+19
0=11500x+19
11500x=19
x=28500
Since  R =11500<0,R  is concave donw here and this is a maximum
p(28500)=13000(28500)+19=$9.50
Answer is $9.50

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