team plays in a stadium that holds 64000 spectators. With the ticket price at $11 the average attendance has been 26000. When the price dropped to $10, the average attendance rose to 32000. a) Find the demand function p(x), where x is the number of the spectators. (Assume that p(x) is linear.) p(x) = b) How should ticket prices be set to maximize revenue? The revenue is maximized by charging S per ticket.

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A baseball team plays in a stadium that holds 64000 spectators. With the ticket price at $11 the average attendance has
been 26000. When the price dropped to $10, the average attendance rose to 32000.
a) Find the demand function p(x), where x is the number of the spectators. (Assume that p(x) is linear.)
p(x) =
b) How should ticket prices be set to maximize revenue?
The revenue is maximized by charging $1
per ticket.
Transcribed Image Text:A baseball team plays in a stadium that holds 64000 spectators. With the ticket price at $11 the average attendance has been 26000. When the price dropped to $10, the average attendance rose to 32000. a) Find the demand function p(x), where x is the number of the spectators. (Assume that p(x) is linear.) p(x) = b) How should ticket prices be set to maximize revenue? The revenue is maximized by charging $1 per ticket.
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