Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

When the admission price for a baseball game was $30 per ticket, 36,000 tickets were sold. When the price was raised to $35, only 32,000

When the admission price for a baseball game was $30 per ticket, 36,000 tickets were sold. When the price was raised to $35, only 32,000 tickets were sold. Assume that the demand function is linear and that the marginal and fixed costs for the ballpark owners are $5 and $700,000, respectively.

(a) Find the profit P as a function of x, the number of tickets sold.

P=

(b) Find the marginal profits, in dollars per ticket, when 18,000 tickets are sold, when 28,000 tickets are sold, and when 32,000 tickets are sold.

P'(18,000)=$ per ticket

P'(28,000)=$ per ticket

P'(32,000)=$ per ticket

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

Linear Algebra A Modern Introduction

Authors: David Poole

4th edition

1285463242, 978-1285982830, 1285982835, 978-1285463247

More Books

Students also viewed these Mathematics questions