Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

4. a) At a price of $8 per ticket, a musical theatre group can fill every seat in the theatre, which has a capacity

image text in transcribed

4. a) At a price of $8 per ticket, a musical theatre group can fill every seat in the theatre, which has a capacity of 1500. For every additional dollar charged, the number of people buying the ticket decreases by 75. Use calculus to find what ticket price maximizes revenue. Be sure to check your second order condition b) Suppose that the number of people coming to a concert was Ne P3+2P, where N is the attendance and P is the price. Now suppose that price is dependent on the cost of putting the concert together P-5-C2 where C is the cost. Find dN/dC by the chain rule (please note that this question is separate froh part a.).

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Engineering Mathematics

Authors: Erwin Kreyszig

6th Edition

978-0471858249, 0471858242

More Books

Students also viewed these Mathematics questions

Question

What would you do if the bullies were in your classes?

Answered: 1 week ago