Answered

Explore Westonci.ca, the leading Q&A site where experts provide accurate and helpful answers to all your questions. Explore thousands of questions and answers from knowledgeable experts in various fields on our Q&A platform. Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform.

A football team charges $30 per ticket and averages 20,000 people per game. Each person spend an average of $8 on concessions.For everydrop of $1 in price,the attendance rises by 800 people.What ticket price should the team charge to maximize total revenue? Calculate the TR max.

Sagot :

francocanacari

The  price that would maximize total revenue would be $ 23.

As long as that a football team charges $ 30 per ticket and averages 20,000 people per game, and each person spend an average of $ 8 on concessions, and for every drop of $ 1 in price, the attendance rises by 800 people, to determine what ticket price should the team charge to maximize total revenue, the following calculation must be performed:

  • 20,000 x 30 + 20,000 x 8 = 760,000
  • 24,000 x 25 + 24,000 x 8 = 792,000
  • 24,800 x 24 + 24,600 x 8 = 792,000
  • 25,600 x 23 + 25,600 x 8 = 793,600  
  • 26,400 x 22 + 26,400 x 8 = 792,000

Therefore, the ticket price that would maximize the total revenue would be $ 23.

Learn more in https://brainly.com/question/25410625

Thanks for using our service. We aim to provide the most accurate answers for all your queries. Visit us again for more insights. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Thank you for using Westonci.ca. Come back for more in-depth answers to all your queries.