A baseball team plays in a stadium that holds 62000 spectators. With the ticket price at $12 the average attendance has been 28000. When the price dropped to $11, the average attendance rose to 31000. Assume that attendance is linearly related to ticket price. What ticket price would maximize revenue? $
A baseball team plays in a stadium that holds 62000 spectators. With the ticket price at $12 the average attendance has been 28000. When the price dropped to $11, the average attendance rose to 31000. Assume that attendance is linearly related to ticket price. What ticket price would maximize revenue? $
Trigonometry (MindTap Course List)
10th Edition
ISBN:9781337278461
Author:Ron Larson
Publisher:Ron Larson
ChapterP: Prerequisites
SectionP.4: Linear Equations In Two Variables
Problem 98E: Neurology The average weight of a male child’s brain is 970 grams at age 1 and 1270 grams at age 3....
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Question
![**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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa39fb107-3a22-4843-8482-67ca4b18789f%2Fe3ccd435-1558-4b72-a9ca-7c77ff2fbf51%2Furrltvd_processed.png&w=3840&q=75)
Transcribed Image Text:**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.
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