A baseball team plays in a stadium that holds 53,000 spectators. With ticket prices at $10, the average attendance had been 38,000. When ticket prices were lowered to $8, the average attendance rose to 42,000. (a) Find the demand function (price p as a function of attendance x), assuming it to be linear. p(x) = x (b) How should ticket prices be set to maximize revenue? (Round your answer to the nearest cent.) X

Algebra for College Students
10th Edition
ISBN:9781285195780
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter8: Functions
Section8.CT: Test
Problem 19CT
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A baseball team plays in a stadium that holds 53,000 spectators. With ticket prices at $10, the average attendance had been 38,000. When ticket prices were lowered to $8, the average
attendance rose to 42,000.
(a) Find the demand function (price p as a function of attendance x), assuming it to be linear.
p(x) =
X
(b) How should ticket prices be set to maximize revenue? (Round your answer to the nearest cent.)
X
Transcribed Image Text:A baseball team plays in a stadium that holds 53,000 spectators. With ticket prices at $10, the average attendance had been 38,000. When ticket prices were lowered to $8, the average attendance rose to 42,000. (a) Find the demand function (price p as a function of attendance x), assuming it to be linear. p(x) = X (b) How should ticket prices be set to maximize revenue? (Round your answer to the nearest cent.) X
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