Question

1. A baseball team plays in a stadium that holds 66000 spectators. With the ticket price at $10 the average attendance has been 28000. When the price dropped to $8, the average attendance rose to 33000.

a) Find the demand function ?(?)p(x), where ?x is the number of the spectators. (Assume that ?(?)p(x) is linear.)

p(x)=  

b) How should ticket prices be set to maximize revenue?

The revenue is maximized by charging $ per ticket.

2. A rectangular storage container with an open top is to have a volume of 12 cubic meters. The length of its base is twice the width. Material for the base costs 11 dollars per square meter. Material for the sides costs 4 dollars per square meter. Find the cost of materials for the cheapest such container.

Total cost =  (Round to the nearest penny and include monetary units. For example, if your answer is 1.095, enter $1.10 including the dollar sign and second decimal place.)

Answer 1