Answered step by step
Verified Expert Solution
Question
1 Approved Answer
8. [-/10 Points] DETAILS SCALCET9 4.7.067. MY NOTES PRACTICE ANOTHER A baseball team plays in a stadium that holds 58,000 spectators. With ticket prices at
8. [-/10 Points] DETAILS SCALCET9 4.7.067. MY NOTES PRACTICE ANOTHER A baseball team plays in a stadium that holds 58,000 spectators. With ticket prices at $10, the average attendance had been 49,000. When ticket prices were lowered to $8, the average attendance rose to 51,000. (a) Find the demand function (price p as a function of attendance x), assuming it to be linear. p(x) = (b) How should ticket prices be set to maximize revenue? (Round your answer to the nearest cent.) $ Submit
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started