Question

The average ticket price for a concert at the opera house was $35 The average attendance...

The average ticket price for a concert at the opera house was $35

The average attendance was4000.

When the ticket price was raised to ​$38, attendance declined to an average of 3700 persons per performance. What should the ticket price be to maximize revenue for the opera​ house? (Assume a linear demand​ curve.)

To maximize​ revenue, the price should be​ $_______ per ticket.

​(Type an integer or decimal rounded to two decimal places as needed. Simplify your​ answer.)

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The average ticket price for a concert at the opera house was $20. The average attendance...
The average ticket price for a concert at the opera house was $20. The average attendance was 4000. When the ticket price was raised to ​$24​, attendance declined to an average of 3600 persons per performance. What should the ticket price be to maximize revenue for the opera​ house? (Assume a linear demand​ curve.) To maximize​ revenue, the price should be $_ per ticket.
the average ticket price for a concert at the opera house was $50. the average in...
the average ticket price for a concert at the opera house was $50. the average in attendance was 2500. when the ticket price was raised to $55, attendance declined to an average of 2000 persons per performance. what should the ticket price bee to maximize revenue for the opera house
A soccer stadium holds 62,000 spectators. With a ticket price of $20, the average attendance has...
A soccer stadium holds 62,000 spectators. With a ticket price of $20, the average attendance has been 24,000. When the price dropped to $16, the average attendance rose to 29,000. Assuming that attendance is linearly related to ticket price, what ticket price would maximize revenue? Please show work
) A baseball team plays in a stadium that holds 58000 spectators. With the ticket price...
) A baseball team plays in a stadium that holds 58000 spectators. With the ticket price at $12 the average attendance has been 23000. When the price dropped to $10, the average attendance rose to 29000. a) Find the demand function p(x), where xx is the number of the spectators. (Assume that p(x)is linear.) p(x)= equation editor Equation Editor b) How should ticket prices be set to maximize revenue? The revenue is maximized by charging $ equation editor Equation Editor...
A collage arena is the 13,000 seats. Suppose that when tickets are $16, the average attendance...
A collage arena is the 13,000 seats. Suppose that when tickets are $16, the average attendance is around 7,700 per game. The management suspects that for every dollar that the ticket price is lowered, attendance will increase by 640. What should the ticket prices be to maximize revenue from ticket sales?
3. Let ?(?) be the revenue in dollars from selling ? units. If ?(200) = 540...
3. Let ?(?) be the revenue in dollars from selling ? units. If ?(200) = 540 and ?′(200) = 17.. a. Verbally interpret ?(200) b. Estimate the revenue generated from the production of 201 units. c. If the cost in dollars to produce ?? units is given by ?(?) = ?.??x , is it profitable to raise the production to 201 units? Explain in a sentence. 4. An online shopping website has determined that the number of items orders they...
1. A baseball team plays in a stadium that holds 66000 spectators. With the ticket price...
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...
A baseball team plays in a stadium that holds 52,000 spectators. With the ticket price at...
A baseball team plays in a stadium that holds 52,000 spectators. With the ticket price at $10, the average attendance at recent games has been 33,000. A market survey indicates that for every dollar the ticket price is increased, the attendance decreases by 3,000. (a) Let x be the ticket price (in dollars). Find q(x) which represents how many people will attend the ballgame when the ticket price is x. (b) The ballpark’s revenue is R(x) = x · q(x)....
A university is trying to determine what price to charge for tickets to football games. At...
A university is trying to determine what price to charge for tickets to football games. At a price of ​$30 per​ ticket, attendance averages 40,000people per game. Every decrease of $3 adds 10,000 people to the average number. Every person at the game spends an average of ​$3.00 on concessions. What price per ticket should be charged in order to maximize​ revenue? How many people will attend at that​ price? What is the price per​ ticket? ​What is the average...
The theater department wants to determine what price to charge for tickets to its next run...
The theater department wants to determine what price to charge for tickets to its next run of “Hamilton”. At a price of $18 per ticket, attendance averages 40,000 people per run. Every decrease of $3 to the ticket price adds 10,000 people to the average attendance. Every person spends an average of $4.50 on concessions. What price per ticket should be charged to maximize revenue? How many people will attend at that price?