Solution-Find a linear demand equation

Find a linear demand equation

Reference no: EM131046854

Question 1. A university is trying to determine what price to charge for tickets to football games. At a price of $18 per ticket, attendance is about 40,000 people per game. Every decrease of $3 adds 10,000 people. Every person at the game spends an average of $4.50 on concessions.

Find a linear demand equation that shows the number of people who will attend the game if the price of a ticket is p dollars.
Find the revenue per game as a function of the price.
Find out how much the university should charge for a ticket to maximize revenue? What will be the maximum revenue? How many people will attend?

Reference no: EM131046854

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Find a linear demand equation

Reference no: EM131046854

Reference no: EM131046854

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