When the admission price for a baseball game was $4 per ticket, 50,000 tickets were sold. When the price was raised to $5, only 45,000 tickets were sold. Assume that the demand function is linear and that the variable and fixed costs for the ball park ownersare $0.10 and $95,000 respectively.(a) Find the profit P as a function of x, the number of tickets sold.P(x) =(b) Select the graph of P.y150000y150000150 000100 000100 000100 00050 00050 00050 0002000040 00060 00p2000040 00060 0002000040 00060 000- 50 000-50 000-50 000-100 000100000100000The xy-coordinate plane is given. The curve starts at theapproximate point (0, 3,000), goes up and right becoming lesssteep, and exits the window at the approximate pointo-150000O o-150000LO O (70,000, 69,000).150000100 000.50 000-2000040 00060 do0- 50 000100 000-o150 000

The profits of the firms can be calculated by estimating the difference between the total revenue…

en the admission price for a baseball game was $4 per ticket, 50,000 tickets were sold. When the price was raised to $5, only 45,000 tickets were sold. Assume that the demand function is linear and that the variable and fixed Costs for the ball park owners are $0.10 and $95,000 respectively. (a) Find the profit Pas a function of x, the number of tickets sold. P(x) = AHE (b) Select the graph of P. y 150000 150000 150000 100 000 100000 100000 50 000 50 000 50 000 20000 40 000 60 000 20000 40 000 60 000 20000 40 000 60 000 -50 000 -50 000 -50 000 00000 The xy-coordinate plane is given. The curve starts at the approximate point (0, 3,000), goes up and right becoming less steep, and exits the window at the approximate point -100000 -100000 O-150000 ! O -150000 O O (70,000, 69,000). y 150000 100000 50 000 20000 40 000 60 d00 - 50 000 -100000

en the admission price for a baseball game was $4 per ticket, 50,000 tickets were sold. When the price was raised to $5, only 45,000 tickets were sold. Assume that the demand function is linear and that the variable and fixed Costs for the ball park owners are $0.10 and $95,000 respectively. (a) Find the profit Pas a function of x, the number of tickets sold. P(x) = AHE (b) Select the graph of P. y 150000 150000 150000 100 000 100000 100000 50 000 50 000 50 000 20000 40 000 60 000 20000 40 000 60 000 20000 40 000 60 000 -50 000 -50 000 -50 000 00000 The xy-coordinate plane is given. The curve starts at the approximate point (0, 3,000), goes up and right becoming less steep, and exits the window at the approximate point -100000 -100000 O-150000 ! O -150000 O O (70,000, 69,000). y 150000 100000 50 000 20000 40 000 60 d00 - 50 000 -100000

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter11: Profit Maximization

Section: Chapter Questions

Problem 11.4P

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