A university is trying to determine what price to charge for tickets to football games. At a price of $21 per ticket, attendance averages 40,000 people per game. Every decrease of $3 adds 10,000 people to the average number. Every person at thegame spends an average of $4.50 on concessions. What price per ticket should be charged in order to maximize revenue? How many people will attend at that price?What is the price per ticket?2$What is the average attendance?people For the demand function q = D(p) = V286a) The elasticityb) The elasticity at p = 122, stating whether the demand is elastic, inelastic or has unit elasticityc) The value(s) of p for which total revenue is a maximum (assume that p is in dollars)S- p, find the following.a) Find the equation for elasticity.E(p) =b) Find the elasticity at the given price, stating whether the demand is elastic, inelastic or has unit elasticity.E(122) =(Simplify your answer. Type an integer or a fraction.)%3DIs the demand elastic, inelastic, or does it have unit elasticity?inelasticunit elasticityelasticc) Find the value(s) of p for which total revenue is a maximum (assume that p is in dollars).$(Round to the nearest cent. Use a comma to separate answers as needed.)

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Auniversity is trying to determine what price to charge for tickets to football games. At a price of $21 per ticket, attendance averages 40,000 people per game. Every decrease of $3 adds 10,000 people to the average number. Every person at the game spends an average of $4.50 on concessions. What price per ticket should be charged in order to maximize revenue? How many people will attend at that price? What is the price per ticket? What is the average attendance? Opeople

Auniversity is trying to determine what price to charge for tickets to football games. At a price of $21 per ticket, attendance averages 40,000 people per game. Every decrease of $3 adds 10,000 people to the average number. Every person at the game spends an average of $4.50 on concessions. What price per ticket should be charged in order to maximize revenue? How many people will attend at that price? What is the price per ticket? What is the average attendance? Opeople

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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Question

A university is trying to determine what price to charge for tickets to football games. At a price of $21 per ticket, attendance averages 40,000 people per game. Every decrease of $3 adds 10,000 people to the average number. Every person at the
game spends an average of $4.50 on concessions. What price per ticket should be charged in order to maximize revenue? How many people will attend at that price?
What is the price per ticket?
2$
What is the average attendance?
people

For the demand function q = D(p) = V286
a) The elasticity
b) The elasticity at p = 122, stating whether the demand is elastic, inelastic or has unit elasticity
c) The value(s) of p for which total revenue is a maximum (assume that p is in dollars)
S- p, find the following.
a) Find the equation for elasticity.
E(p) =
b) Find the elasticity at the given price, stating whether the demand is elastic, inelastic or has unit elasticity.
E(122) =
(Simplify your answer. Type an integer or a fraction.)
%3D
Is the demand elastic, inelastic, or does it have unit elasticity?
inelastic
unit elasticity
elastic
c) Find the value(s) of p for which total revenue is a maximum (assume that p is in dollars).
$
(Round to the nearest cent. Use a comma to separate answers as needed.)

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