1 the swamp holds about 90000 spectators with ticket prices, Ask an Expert

Economics

1. The Swamp holds about 90,000 spectators. With ticket prices at $90, the average attendance is 70,000. When the ticket prices are lowered to $85, the average attendance rises to 75,000.

a) Assuming linearity of the demand curve, how should ticket prices be set to maximize revunue? what is the maximum revunue?

b) Suppose The Swamp has a cost function of C(x)=5x+100,000 each game. How should ticket prices be set to maximize profit? What is the maximum profit? (Use your Revenue function from (a)).

2. Suppose you are offered just one slice from a round pizza (in other words, a sector of a circle).The slice must have a perimeter of 32 inches. What diameter pizza will reward you with the largest slice? Specify the diameter and the maximum area of the slice.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91837315

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