Question

PLEASE HELP:( A baseball team plays in he stadium that holds 50000 spectators. With the ticket price at 8 dollars, the average attendence has been 20000. When the price dropped to 7 dollars, the average attendence rose to 25000.

a) Find the demand function , where is the number of the spectators. (assume that is linear)

b) What should be the ticket price so that the revenue is maximized?

Answer 1

@dan815

Answer 2

@zepdrix

Answer 3

@DebbieG

Answer 4

The demand function gives quantity demanded (tickets sold) as a function of price (x).

You are told:
when x= 8 dollars, attendence is 20000--> so (8, 20000) is a point on the line
When x= 7 dollars, attendence is 25000--> so (7, 25000) is a point on the line

So you have 2 points on the line. Find the slope, then use one point and the slope to write the equation.

Answer 5

-5000

Answer 6

Y=-5000X+20040 @DebbieG

Answer 7

Hmmmmmm...... no, that doesn't look right. How did you get that? The slope is correct, but not your y-intercept.