Question

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.

Math   Calculus   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

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 $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.)
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...
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...
A futbol team plays in a stadium that holds 72000 spectators. With the ticket price at...
A futbol team plays in a stadium that holds 72000 spectators. With the ticket price at $11 the average attendance has been 29000. When the price dropped to $8, the average attendance rose to 36000. Assume that attendance is linearly related to ticket price. What ticket price would maximize revenue? $ Round to nearest cent.
lovers of opera persude the government to impose a price €50 per ticket at the countrys...
lovers of opera persude the government to impose a price €50 per ticket at the countrys national opera house dose this policy get more fewer people attend ? what does the market outcome depend on?
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 baseball team plays in he stadium that holds 66000 spectators. With the ticket price at...
A baseball team plays in he stadium that holds 66000 spectators. With the ticket price at $8 the average attendence has been 30000. When the price dropped to $5, the averege attendence rose to 33000. a) Find the demand function p(x)p(x), where xx is the number of the spectators. (assume p(x)p(x) is linear) p(x)=p(x)=     b) How should be set a ticket price to maximize revenue?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT