A movie theater wants to determine the price per ticket that should be charged in order to maximize its revenue. The theater can accommodate 2000 movie goers per night, but the average attendance is about 1400 people per night. The average ticket price is about $8.00. Market research shows that, for each $0.50 reduction in the ticket price, attendance increases by 250 spectators. What should the theater charge ner tickket in order to sell out every show?
A movie theater wants to determine the price per ticket that should be charged in order to maximize its revenue. The theater can accommodate 2000 movie goers per night, but the average attendance is about 1400 people per night. The average ticket price is about $8.00. Market research shows that, for each $0.50 reduction in the ticket price, attendance increases by 250 spectators. What should the theater charge ner tickket in order to sell out every show?
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.CR: Review Problem Set
Problem 50CR
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Hi I’m confused about this business optimization practice problem, we didn’t use any fancy math methods but I believe we simply find the equation, test the values, etc and if possible an interval or boundary included I believe. Thanks for the help!
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