4. A hockey team plays in an arena with a seating capacity of 15,000 spectators. With the ticket. price set at $12, average attendance at a game has been 11,000. A market survey indicates that for each dollar the ticket price is lowered, average attendance will increase by 1000. How should the owners of the team set the ticket price to maximize their revenue from ticket sales? Justify your answer. (Let a denote the value of decrement in ticket price.)

College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter2: Functions And Graphs
Section2.3: Linear Functions And Slope
Problem 105E
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4. A hockey team plays in an arena with a seating capacity of 15,000 spectators. With the ticket
price set at $12, average attendance at a game has been 11,000. A market survey indicates that
for each dollar the ticket price is lowered, average attendance will increase by 1000. How should
the owners of the team set the ticket price to maximize their revenue from ticket sales? Justify
your answer. (Let x denote the value of decrement in ticket price.)
Transcribed Image Text:4. A hockey team plays in an arena with a seating capacity of 15,000 spectators. With the ticket price set at $12, average attendance at a game has been 11,000. A market survey indicates that for each dollar the ticket price is lowered, average attendance will increase by 1000. How should the owners of the team set the ticket price to maximize their revenue from ticket sales? Justify your answer. (Let x denote the value of decrement in ticket price.)
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