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An Alberta-based NHL team is struggling to fill its seats. When the average ticket price is $350, the team sells an average of 8000 tickets. However, when the average price is reduced to $300, the team sells an average of 12000 tickets. The relation of sold tickets q(x) as a function of their average price x is assumed to be linear. Find the function g(x). What should the average ticket price be in order to maximize revenue? Round your answer to two decimal places. (Hint: Use the revenue function R(x) = xq(x)) Function: g(x) = Optimal Price: $

An Alberta-based NHL team is struggling to fill its seats. When the average ticket price is $350, the team sells an average of 8000 tickets. However, when the average price is reduced to $300, the team sells an average of 12000 tickets. The relation of sold tickets q(x) as a function of their average price x is assumed to be linear. Find the function g(x). What should the average ticket price be in order to maximize revenue? Round your answer to two decimal places. (Hint: Use the revenue function R(x) = xq(x)) Function: g(x) = Optimal Price: $

Calculus: Early Transcendentals
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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An Alberta-based NHL team is struggling to fill its seats. When the average ticket price is $350, the team sells an average of 8000 tickets. However, when the average price is reduced to $300, the team sells an average of 12000 tickets. The relation of sold tickets q(x) as a function of their average price x is assumed to be linear. Find the function g(x). What should the average ticket price be in order to maximize revenue? Round your answer to two decimal places. (Hint: Use the revenue function R(x) = xq(x)) Check Function: g(x) = Optimal Price: $
Transcribed Image Text:An Alberta-based NHL team is struggling to fill its seats. When the average ticket price is $350, the team sells an average of 8000 tickets. However, when the average price is reduced to $300, the team sells an average of 12000 tickets. The relation of sold tickets q(x) as a function of their average price x is assumed to be linear. Find the function g(x). What should the average ticket price be in order to maximize revenue? Round your answer to two decimal places. (Hint: Use the revenue function R(x) = xq(x)) Check Function: g(x) = Optimal Price: $
Expert Solution
Step 1

NOTE: Refresh your page if you can't see any equations.

.

x=ticket price

y=number of tickets

from the given data, write two data points

(x_1,y_1)=(350,8000)

(x_2,y_2)=(300,12000)

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