Question
In: Math
4. When the ticket price for a concert at the opera house was $50, the average...
4. When the ticket price for a concert at the opera house was $50, the average attendance was 4000 people. When the ticket price was raised to $52, the average attendance was 3800 people. a. Assuming the demand function is linear, find the demand function, p. b. Find the number of tickets sold that maximize the revenue. Use the second derivative test to verify it is a maximum. c. Find the price that maximizes the revenue. d. Find the maximum revenue.
5. Find the derivative of ? a. ? = (5? + 3) 2(2? + 1) 4 using the product rule. Factor final answer as much as possible. b. ? = 3? 2−5?+2 4?+1 using the quotient rule. Clean up the numerator but do not factor it.
Solutions
milcah answered 2 years agoRelated Solutions
The average ticket price for a concert at the opera house was $25. The average attendance...
The
average ticket price for a concert at the opera house was $25. The
average attendance was 4000. when the ticket price was raised to
$29 attendance decline to an average of 3600 people per
performance.
What should the ticket price be to maximize revenue for the
opera house? (assuming a linear demand curve.)
Lovers of opera persuade the government to impose a price ceiling of €50 per ticket, at...
Lovers of opera persuade the government to impose a price
ceiling of €50 per ticket, at the country's national opera
house.Does this policy get more or fewer people to attend? What
does the market outcome depend on?
When the New York City Opera faced a growing deficit, it cut its ticket prices by...
When the New York City Opera faced a growing deficit, it cut its
ticket prices by 20% hoping to attract more customers. At the same
time, the New York Transit Authority raised subway fares to reduce
its growing deficit. Are one of these two opposite approaches to
reducing a deficit necessarily wrong? Explain fully.
when the new york city opera faced a growing deficit, it cut its ticket prices by...
when the new york city opera faced a growing deficit, it cut its
ticket prices by 20% hoping to attract more customers. At the same
time, The new york transit authority raised subway fares to reduce
its growing deficit. Are one of these two opposite approaches to
reducing a deficit necessarily wrong? explain?
P 2-10: Verdi Opera or Madonna? You won a free ticket to see Verdi's Aida opera....
P 2-10: Verdi Opera or Madonna?
You won a free ticket to see Verdi's Aida opera. The ticket has
no resale value, but since you enjoy Verdi operas, you would be
willing to pay $30 for the ticket had you not received it for free.
Madonna is performing on the same night. There is absolutely
nothing else you can do that night other than either attending the
Verdi opera or the Madonna concert. Tickets to the Madonna concert
cost $160....
4) In 1970, an average house in Cupertino cost $41,000. a ) If the average house...
4) In 1970, an average house in Cupertino cost $41,000.
a ) If the average house appreciates in value at 3.3% annually
for the past 18 years, what is the price of that house in 1987?
b) Suppose that your property tax was $250 and has increased by
3.5% annually, how much property tax would you have paid over the
last 18 years for the house.
5) Suppose further that your maintenance expense during the
first year was $200 and...
In a recent year the average movie ticket cost $10.50, In a random sample of 50...
In a recent year the average movie ticket cost $10.50, In a
random sample of 50 movie tickets from various areas
What is the probability that the mean cost exceeds $8.50, given
that the population standard deviation is $1.50?
ABC Catering is putting on a charity dinner. The average selling price for a ticket is...
ABC Catering is putting on a charity dinner. The average selling
price for a ticket is $170. The variable cost for the dinner is
$110. ABC will also incur fixed costs such as room rental fees and
other fixed costs, totaling $30,000.
How much sales revenue must ABC Catering generate in order to
break even?
b. How many tickets must ABC Catering attract in order to break
even? Explain your answer.
c. What is ABC Catering’s profit or loss at...
ABC Catering is putting on a charity dinner. The average selling price for a ticket is...
ABC Catering is putting on a charity dinner. The average selling
price for a ticket is $170. The variable
cost for the dinner is $110. ABC will also incur fixed costs
such as room rental fees and other fixed costs,
totalling $30,000.
a. How much sales revenue must ABC Catering generate in order to
break even?
b. How many tickets must ABC Catering attract in order to break
even? Explain your answer.
c. What is ABC Catering’s profit or loss...
You are manager of a ticket agency that sells concert tickets. You assume that people will...
You are manager of a ticket agency that sells concert tickets.
You assume that people will call 4 times in an attempt to buy
tickets and then give up. Each telephone ticket agent is available
to receive a call with probability 0.25. If all agents are busy
when someone calls, the caller hears a busy signal.
Find n, the minimum number of agents that you have to hire to
meet your goal of serving 95% of the customers calling to...
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