**Maximizing Revenue for a Baseball Team's Ticket Sales****Scenario:**A baseball team plays in a stadium that holds 62,000 spectators. The average attendance fluctuates with the ticket price:- When the ticket price is $12, the average attendance is 28,000 spectators.- When the ticket price drops to $11, the average attendance increases to 31,000 spectators.Given the assumption that attendance is linearly related to the ticket price, the task is to determine the optimal ticket price that will maximize revenue.**Question:**What ticket price would maximize revenue? **Input Field:**- A text box is provided to input the calculated ticket price in dollars.**Help Resource:**- A video icon labeled "Video" is available for additional help related to the question.**Submission:**- A "Submit Question" button is available for submitting the answer.By analyzing this information and calculating accordingly, students can determine the ticket price that maximizes revenue based on linear relationships between ticket prices and attendance.

To find the ticket price that maximizes revenue, we need to consider the relationship between ticket…

Answered: A baseball team plays in a stadium that…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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A baseball team plays in a stadium that holds 58000 spectators. With the ticket price at $8 the average attendance has been 26000. When the price dropped to $7, the average attendance rose to 29000. Assume that attendance is linearly related to ticket price. What ticket price would maximize revenue? $

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