Consider a price-demand model for tickets to see a specific hockey team play. The price p of a single-game ticket can be related to the quantity demanded, q, by the function p=148-0.01g dollars. When the arena is not at full capacity the total cost for a single game (in dollars) can be expressed by the function C(q) = 54q+ 50000 (a) Find marginal revenue as a function of the quantity of tickets demanded R(q) = (b) To maximize profit, the hockey team should set their ticket price to be S and we expect they will sell game tickets at this price

Calculus: Early Transcendentals
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Author:James Stewart
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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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Consider a price-demand model for tickets to see a specific hockey team play. The price p of a single-game ticket can be related to the quantity demanded, q, by the function
p=148-0.01q dollars When the arena is not at full capacity the total cost for a single game (in dollars) can be expressed by the function C(q) = 54g + 50000
(a) Find marginal revenue as a function of the quantity of tickets demanded
R(q) =
(b) To maximize profit, the hockey team should set their ticket price to be S
and we expect they will sell
(c) The hockey players union has negotiated a deal requiring the team owner to pay an extra $10,000 at each game to cover safety measures and insurance What should be the new
ticket price in order to ensure that profit is maximized?
With the additional costs, a ticket price of
$
will maximize profit
game tickets at this price
Transcribed Image Text:Consider a price-demand model for tickets to see a specific hockey team play. The price p of a single-game ticket can be related to the quantity demanded, q, by the function p=148-0.01q dollars When the arena is not at full capacity the total cost for a single game (in dollars) can be expressed by the function C(q) = 54g + 50000 (a) Find marginal revenue as a function of the quantity of tickets demanded R(q) = (b) To maximize profit, the hockey team should set their ticket price to be S and we expect they will sell (c) The hockey players union has negotiated a deal requiring the team owner to pay an extra $10,000 at each game to cover safety measures and insurance What should be the new ticket price in order to ensure that profit is maximized? With the additional costs, a ticket price of $ will maximize profit game tickets at this price
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