In 2005 the Las Vegas monorail charged $3per ride and had an average ridership of about 28,000 per day. In December 2005 the Las Vegas Monorail Company raised the fare to $5 per ride, and average ridership in 2006 plunged to around 19,00 per day.Use the given information to find a linear demand equation.Find the price the company should have charged to maximize revenue from ridership. What is the corresponding daily revenue?The Las Vegas Monorail Company would have needed 44.9 million in revenues from ridership to break even in 2006. Would it have been possible to break even in 2006 by charging a suitable price?

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Description: In 2005 the Las Vegas monorail charged $3per ride and had an average ridership of about 28,000 per day. In December 2005 the Las Vegas Monorail Company raised the fare to $5 per ride, and average ridership in 2006 plunged to around 19,00 per day.Use

Given that in 2005, charge per ride is $3 and average ridership of about 28,000 per day in 2005.In…

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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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In 2005 the Las Vegas monorail charged $3per ride and had an average ridership of about 28,000 per day. In December 2005 the Las Vegas Monorail Company raised the fare to $5 per ride, and average ridership in 2006 plunged to around 19,00 per day.

Use the given information to find a linear demand equation.
Find the price the company should have charged to maximize revenue from ridership. What is the corresponding daily revenue?
The Las Vegas Monorail Company would have needed 44.9 million in revenues from ridership to break even in 2006. Would it have been possible to break even in 2006 by charging a suitable price?

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