Jim and Tim
Jim and Tim are hosting an annual outdoor concert. In the past, the average attendance has been 50 000 people when tickets were $60 each. They have also discovered that for every $20 increase in ticket price, 10 000 fewer people attend the concert.

What admission price will produce the most revenue, and how many people will attend if the maximum profit is obtained?

Question

Jim and Tim
Jim and Tim are hosting an annual outdoor concert. In the past, the average attendance has been 50 000 people when tickets were $60 each. They have also discovered that for every $20 increase in ticket price, 10 000 fewer people attend the concert.

What admission price will produce the most revenue, and how many people will attend if the maximum profit is obtained?

anonymous · Answer

Jim and Tim are hosting an annual outdoor concert. In the past, the average attendance has been 50 000 people when tickets were $60 each. They have also discovered that for every $20 increase in ticket price, 10 000 fewer people attend the concert.
 

What admission price will produce the most revenue, and how many people will attend if the maximum profit is obtained?

anonymous · Answer

can u tell the answer?

mathmale · Answer

this is a challenging problem to solve until one gets lots of experience in setting up equations to represent described situations.  The "answer" would have little value unless we understood how to obtain it.  Have you done any brainstorming on this?

mathmale · Answer

Afraid you're going to have to move on to another problem or to wait until some bright and kind person comes up with a suitable formula for attendence as a function of ticket price.

Once you have such a formula, the formula for Revenue will be

R(t)=t(formula for attendance), where t=ticket price.

anonymous · Answer

yes, did not get anywhere