Question: Problem 5. (10 points) A baseball team plays in a stadium that holds 58000 spectators. With the ticket price at $10 the average attendance

Problem 5. (10 points) A baseball team plays in a stadium that holds 58000 spectators. With the ticket price at $10 the average attendance has been 23000. When the price dropped to $7, the average attendance rose to 29000. 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 problem. Problem 3. (10 points) Find the absolute maximum and absolute minimum values of the function over each of the indicated intervals. (a) Interval = [-4,0]. 1. Absolute maximum= 2. Absolute minimum = (b) Interval = [-1,8]. 1. Absolute maximum= 2. Absolute minimum = (c) Interval = [-4,8]. 1. Absolute maximum= 2. Absolute minimum = Note: You can earn partial credit on this problem. f(x) = x 6x - 63x + 10

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!

It has been estimated that 15% of the people in Corner Brook will buy a Season Pass to the Marble Mountain Ski Resort this year. If we randomly selected 76 people from the city of Corner Brook, what...

5) Firm A can acquire firm B for $120,000 in cash or in shares of firm A stock. The synergy value is $36,000. FIRM A FIRM B Number of shares 10000 8000 Price per share $21 $11 What is the value of...

Consider a sequence {an}nen such that an 0, {an}neN is decreasing and lim an = 0. Consider sn = a1 a2+ a3 22 (-1) k-1 n-x Show that the sequence {s2n-1}nEN = (81, 83, 85,...) is decreasing. Show that...

iHerb Inc. has several herb extractor evaporators that were purchased four years ago at a price of $20,000. These machines currently require annual maintenance costs of $2,000. However, the...

Refer to the Journal of Behavioral Decision Making (Jan. 2007) study of the effect of guilt emotion on how a decision maker focuses on the problem, Exercise. The results (number responding in each...

Find parametric equations for the line. The line through (2, 2, 4) and perpendicular to the plane 2x y + 5z = 12

Use the large sample confidence interval formula to compute a (a) 95% lower bound confidence interval for ???? when ???? = 350 and ???? = 0.46. (b) 99% lower bound confidence interval for ???? when...

Morrison and Amato have decided to form a partnership. They have agreed that Morrison is to invest $150,000 and that Amato is to invest $50,000. Morrison is to devote one-half time to the business...

At the next management team meeting, Bruce & Emmett express some concern that any new equipment acquired to replace the old equipment may become obsolete within the next three to six years. Bruce &...

You plan to retire in 29 years and would like to have $280,000 in a retirement account the daxy you retire. If you can earn 5 ons per yex: how much money do you need to deposit in the account today...

Question 6 0.5 Points Max Z=5X1 + 3X2 Subject to X1 + 2x2 10 X1-X2 8 X1, X2 0 In the starting Simplex tableau, X1 and X2 are non-basic variables and the value of Z is zero. The value of Z in the next...

What is a strategic business that Starbucks has or has recently faced; contextualized within the organizational setting, including an overview of relevant strategic decisions that led to its current...

Describe how the concepts of touchpoints and the tasks in the job - mapping process are applied in customer experience management. b ) Explain how the total customer experience is an integral part of...

A standard model of what Information Technology does looks like the following:: Input - Processing - Output Now consider the US census. Data is the "Input", the computer systems of the Census Office...

The accounting department of a large limousine company is analyzing the costs of its services. The cost data and level of activity for the past 16 months follow. Special Customer Paychecks Analyses...

36. Accounts Receivable Management. Given the information below, compute the days in accounts receivable, aging schedule, and accounts receivable as a percentage of net patient revenues for Quarter 1...

Presented below are income statements prepared on a LIFO and FIFO basis for Kenseth Company, which started operations on January 1, 2024. The company presently uses the LIFO method of pricing its...

11.89 Voting with 16 A recent survey of Austrian high school students asked whether it makes sense for 16-year-olds to be allowed to vote in the next parliamentary election. The following table shows...

11.88 Likelihood-ratio chi-squared For testing independence, most software also reports another chi-squared statistic, called likelihood-ratio chi-squared. It equals a. Show that G2 = X2 = 0 when...

11.90 Conduct a research study using the GSS Go to the GSS codebook at sda.berkeley.edu/GSS. Your instructor will assign a categorical response variable. Conduct a research study in which you find at...