Answered step by step
Verified Expert Solution
Question
1 Approved Answer
When the admission price for a baseball game was $66 per ticket, 36,000 tickets were sold. When the price was raised to $77, only 32,000
When the admission price for a baseball game was $66 per ticket, 36,000 tickets were sold. When the price was raised to $77, 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 $11 and $700,00, respectively (a) Find the profit P as a function of x, the number or tickets sald P-66x (b) Use a graphing utility to graph P, and comment about the slopes or P when x-14,000, x-28,000, and X-40,000. At x-14,000, the slope of P IsSelect At x = 28,000, the slope of PIs At x 40,000, the slope of P IS ntegative (c) Find the marginal prorits, in d zero P14,000)-$ P(28,000)- P(40,000)- when 14,000 tickets are sold, when 28,000 tickets are sold, and when 40,000 tickets are sold posnme per ticket
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