A high-speed rail finds that if it prices a cross-country ticket at $315, it will sell 270 tickets per day. It estimates that each $10 price reduction will result in 50 more tickets sold per day. Find the ticket price and the number of tickets sold that will maximize the railway's revenue. (The number of price reductions must be a whole number. So you may need to round the critical number.) Construct the price function: p(x) = Construct the quantity function: q(x) = Ticket Price: $ Number of Tickets: Total Revenue: $

A high-speed rail finds that if it prices a cross-country ticket at $315, it will sell 270 tickets per day. It estimates that each $10 price reduction will result in 50 more tickets sold per day. Find the ticket price and the number of tickets sold that will maximize the railway's revenue. (The number of price reductions must be a whole number. So you may need to round the critical number.) Construct the price function: p(x) = Construct the quantity function: q(x) = Ticket Price: $ Number of Tickets: Total Revenue: $

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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