5. RockHard Productions holds weekly events in an arena with a seating capacity of 15 000 spectators. With ticket prices at $12, the average attendance is 11 000 fans. A market survey indicates that for every dollar that ticket prices are lowered, the average attendance will increase by 100 fans. How should the production company set ticket prices to maximize their revenue?
5. RockHard Productions holds weekly events in an arena with a seating capacity of 15 000 spectators. With ticket prices at $12, the average attendance is 11 000 fans. A market survey indicates that for every dollar that ticket prices are lowered, the average attendance will increase by 100 fans. How should the production company set ticket prices to maximize their revenue?
College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter6: Linear Systems
Section6.8: Linear Programming
Problem 5SC: If during the following year it is predicted that each comedy skit will generate 30 thousand and...
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PLEASE show step by step soluation and Handeritten soluation no cursive. Thank you!
![5.
RockHard Productions holds weekly events in an arena with a seating capacity of 15 000
spectators. With ticket prices at $12, the average attendance is 11 000 fans. A market
survey indicates that for every dollar that ticket prices are lowered, the average
attendance will increase by 100 fans. How should the production company set ticket
prices to maximize their revenue?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb6036cda-0cad-4ae1-89b7-0fab5d7d010c%2F8b77be5b-f646-4e9b-b98b-1f00af1eae57%2F2i2o2iq_processed.png&w=3840&q=75)
Transcribed Image Text:5.
RockHard Productions holds weekly events in an arena with a seating capacity of 15 000
spectators. With ticket prices at $12, the average attendance is 11 000 fans. A market
survey indicates that for every dollar that ticket prices are lowered, the average
attendance will increase by 100 fans. How should the production company set ticket
prices to maximize their revenue?
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