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1) A hockey team plays in an arena that holds 100,000 spectators. Each ticket is sold at $15, producing an average attendance of 50,000. When the ticket price is lowered to $10, the average attendance rises to 65,000. a) Find an equation to represent the number of tickets sold for the given price, p. b) How should the ticket prices be set to maximize revenue?

1) A hockey team plays in an arena that holds 100,000 spectators. Each ticket is sold at $15, producing an average attendance of 50,000. When the ticket price is lowered to $10, the average attendance rises to 65,000. a) Find an equation to represent the number of tickets sold for the given price, p. b) How should the ticket prices be set to maximize revenue?

Calculus: Early Transcendentals
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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1) A hockey team plays in an arena that holds 100,000 spectators. Each ticket is sold at $15, producing an average attendance of 50,000. When the ticket price is lowered to $10, the average attendance rises to 65,000. a) Find an equation to represent the number of tickets sold for the given price, p. b) How should the ticket prices be set to maximize revenue?
Transcribed Image Text:1) A hockey team plays in an arena that holds 100,000 spectators. Each ticket is sold at $15, producing an average attendance of 50,000. When the ticket price is lowered to $10, the average attendance rises to 65,000. a) Find an equation to represent the number of tickets sold for the given price, p. b) How should the ticket prices be set to maximize revenue?
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