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A baseball team plays in a stadium that holds 66000 spectators. With the ticket price at $10 the average attendance has been 30000. When the price dropped to $7, the average attendance rose to 33000. Assume that attendance is linearly related to ticket price. What ticket price would maximize revenue? $

A baseball team plays in a stadium that holds 66000 spectators. With the ticket price at $10 the average attendance has been 30000. When the price dropped to $7, the average attendance rose to 33000. Assume that attendance is linearly related to ticket price. What ticket price would maximize revenue? $

Advanced Engineering Mathematics
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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Question 22 S < > A 460-unit hotel is trying to determine their daily rates. From experience, the hotel manager knows that all rooms are typically occupied when the daily room rate is $76. Market research indicates that for every increase of dollars in the daily room rate, there will be a rooms vacant. Each occupied room costs $22 per day to service and maintain. What should the hotel charge per day in order to maximize profit?
Transcribed Image Text:Question 22 S < > A 460-unit hotel is trying to determine their daily rates. From experience, the hotel manager knows that all rooms are typically occupied when the daily room rate is $76. Market research indicates that for every increase of dollars in the daily room rate, there will be a rooms vacant. Each occupied room costs $22 per day to service and maintain. What should the hotel charge per day in order to maximize profit?
Question 21 < A baseball team plays in a stadium that holds 66000 spectators. With the ticket price at $10 the average attendance has been 30000. When the price dropped to $7, the average attendance rose to 33000. Assume that attendance is linearly related to ticket price. What ticket price would maximize revenue? $
Transcribed Image Text:Question 21 < A baseball team plays in a stadium that holds 66000 spectators. With the ticket price at $10 the average attendance has been 30000. When the price dropped to $7, the average attendance rose to 33000. Assume that attendance is linearly related to ticket price. What ticket price would maximize revenue? $
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