Question

In: Math

A lacrosse team plays in a stadium that holds 62000 spectators. With the ticket price at...

A lacrosse team plays in a stadium that holds 62000 spectators. With the ticket price at $9 the average attendance has been 26000. When the price dropped to $8, the average attendance rose to 31000. Assume that attendance is linearly related to ticket price.

What ticket price would maximize revenue?
Round to nearest cent.

Expert Solution

Solution:

If ticket price is less, attendance is more and vice-versa. Also attendance is linearly related to ticket price.

Let q be no. of spectators and p be price of ticket.

($9, 26000) and ($8, 31000)

General equation of line when two points are given:

Let p be on x-axis and q on y-axis,

Total revenue(R) = p x q

Put (dR/dp) = 0

p = $7.1

At price = $7.1, revenue will be maximum.

milcah answered 2 years ago

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