When the admission price for a baseball game was $18 per ticket, 36,000 tickets were sold. When the price was raised to $21, only 32,000 tickets were sold. Assume that the demand function is linear and that the marginal and fixed costs for the ballpark owners are $3 and $700,000, respectively. a.) Find the profit P as a function of x, the number of tickets sold.
When the admission price for a baseball game was $18 per ticket, 36,000 tickets were sold. When the price was raised to $21, only 32,000 tickets were sold. Assume that the demand function is linear and that the marginal and fixed costs for the ballpark owners are $3 and $700,000, respectively.
a.) Find the profit P as a function of x, the number of tickets sold.
Given-
When the admission price for a baseball game was $18 per ticket, 36,000 tickets were sold. When the price was raised to $21, only 32,000 tickets were sold. Assume that the demand function is linear and that the marginal and fixed costs for the ballpark owners are $3 and $700,000, respectively.
To find-
Find the profit P as a function of x, the number of tickets sold.
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