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In: Statistics and Probability

A university is trying to determine what PRICE to charge for football tickets. At a price...

A university is trying to determine what PRICE to charge for football tickets. At a price of $6 per ticket, it averages 70,000 people per game.
For every increase of $1, it loses 10,000 people from the average number . Every person at the game spends an average of$1.50 on concessions.

a) What price per ticket should be charged to MAXIMIZE REVENUE? ( Please explain the steps )

b) How many people will attend at that price? Please show your work.

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Expert Solution

orchestra answered 2 years ago
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