Question: Problem 1. (10 points) A baseball team plays in a stadium that holds 56000 spectators. With the ticket price at $9 the average attendance has

Problem 1. (10 points) A baseball team plays in a stadium

Problem 1. (10 points) A baseball team plays in a stadium that holds 56000 spectators. With the ticket price at $9 the average attendance has been 22000. When the price dropped to $8, the average attendance rose to 28000. a) Find the demand function p(x), where X is the number of the spectators. (Assume that p(x) is linear.) P(X) = b) How should ticket prices be set to maximize revenue? The revenue is maximized by charging $ per ticket. Note: You can earn partial credit on this

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