Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The demand for the tickets to an amusement park is given by p = 80 0.029, where p is the price of the ticket

The demand for the tickets to an amusement park is given by p = 80 – 0.029, where p is the price of the ticket in dollars and q is the number of people attending at that price. 

a. What price generates an attendance of 2500 people? What is the total revenue at that price? 

b. Write the Revenue Function as a function of attendance, q, at the amusement park. 

c. What attendance maximizes Revenue at the park? What is the maximum Revenue?

Step by Step Solution

3.59 Rating (149 Votes )

There are 3 Steps involved in it

Step: 1

Given p 80002q a When q 2500 price p 80 002 x 2500 p 30 Total revenueR pq 30 x 2500 R 75000 b Reve... 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

Microeconomics

Authors: Austan Goolsbee, Steven Levitt, Chad Syverson

1st Edition

978-1464146978, 1464146977

More Books

Students also viewed these Mathematics questions