8.A movie theater wants to determine the price per ticket that should be charged in order to maximize its revenue. The theater can accommodate 2000 movie goers per night, but the average attendance is about 1400 people per night. The average ticket price is about $8.00. Market research shows that, for each $0.50 reduction in the ticket price, attendance increases by 250 spectators. What should the theater charge per ticket in order to sell out every show?
8.A movie theater wants to determine the price per ticket that should be charged in order to maximize its revenue. The theater can accommodate 2000 movie goers per night, but the average attendance is about 1400 people per night. The average ticket price is about $8.00. Market research shows that, for each $0.50 reduction in the ticket price, attendance increases by 250 spectators. What should the theater charge per ticket in order to sell out every show?
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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Hi this is a business optimization problem!
Transcribed Image Text:8.A movie theater wants to determine the price per ticket that should be charged in
order to maximize its revenue. The theater can accommodate 2000 movie goers per
night, but the average attendance is about 1400 people per night. The average ticket
price is about $8.00. Market research shows that, for each $0.50 reduction in the
ticket price, attendance increases by 250 spectators. What should the theater charge
per ticket in order to sell out every show?
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