Rogers Place can hold a maximum number of 18,500 fans for an Edmonton Oilers hockey game....

Transcribed Image Text:

Rogers Place can hold a maximum number of 18,500 fans for an Edmonton Oilers hockey game. Based on historical data, at an average ticket price of $200, an average of 16,000 fans buy a ticket and attend the game. For each $5 that the average ticket price is increased (or lowered), 500 fans less (or more) buy a ticket. (a) /1 points/ Let r(p) be the number of fans attending a game at an average price p. Determine the function r(p) (b) 2 points/ What is the average ticket price at which the revenues are maximized? (e) 2 points) Because of the Oilers' strong start this season, the demand for tickets to Oilers hockey games has risen. At an average ticket price of $200, an average of 18,000 fans buy a ticket and attend the game this season. We still have that for each $5 the average ticket price is increased (or lowered), 500 fans less (or more) buy a ticket. Using this information, what is now the average ticket price at which the revenues are maximized? Rogers Place can hold a maximum number of 18,500 fans for an Edmonton Oilers hockey game. Based on historical data, at an average ticket price of $200, an average of 16,000 fans buy a ticket and attend the game. For each $5 that the average ticket price is increased (or lowered), 500 fans less (or more) buy a ticket. (a) /1 points/ Let r(p) be the number of fans attending a game at an average price p. Determine the function r(p) (b) 2 points/ What is the average ticket price at which the revenues are maximized? (e) 2 points) Because of the Oilers' strong start this season, the demand for tickets to Oilers hockey games has risen. At an average ticket price of $200, an average of 18,000 fans buy a ticket and attend the game this season. We still have that for each $5 the average ticket price is increased (or lowered), 500 fans less (or more) buy a ticket. Using this information, what is now the average ticket price at which the revenues are maximized?