Scenario You work in the Department of Intercollegiate Athletics (DIA). As part of an experiment in...

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Scenario You work in the Department of Intercollegiate Athletics (DIA). As part of an experiment in DIA's effort to modernize ticket sales they have asked you to model supply and demand for a special part of the stadium that could contain between 0 and 1000 seats--depending on the price per ticket. The tickets will be sold for a fixed price that is same for every seat in the section. The quantity of seats in this special section will be set according to the following equation: P = 0.1(Q) where P = Price and Q = Quantity of tickets. Questions Fill out the Supply Schedule below. Use the supply equation to create a function that will give you a price for any given quantity, and create a function that will calculate revenue. Unfortunately for the DIA, fans do not want to pay such an exorbitant price for tickets, and they have their own demand equation of Q=1500-15P. Use this information to create a demand and revenue function that will help you complete the Supply and Demand Schedule. At what price do Supply and Demand equal each other? Given the DIA supply equation and the fan's demand equation, what is the maximum revenue that can be achieved? Plot the supply and demand curves on a line graph. Include a legend, axis titles, and chart title. Notes Revenue Formula: Revenue Quantity 0 500 750 1000 Ticket Price DIA Supply Fan Demand Revenue = Price Price x Quantity Supply Schedule Revenue Supply and Demand Schedule Graph J Scenario You work in the Department of Intercollegiate Athletics (DIA). As part of an experiment in DIA's effort to modernize ticket sales they have asked you to model supply and demand for a special part of the stadium that could contain between 0 and 1000 seats--depending on the price per ticket. The tickets will be sold for a fixed price that is same for every seat in the section. The quantity of seats in this special section will be set according to the following equation: P = 0.1(Q) where P = Price and Q = Quantity of tickets. Questions Fill out the Supply Schedule below. Use the supply equation to create a function that will give you a price for any given quantity, and create a function that will calculate revenue. Unfortunately for the DIA, fans do not want to pay such an exorbitant price for tickets, and they have their own demand equation of Q=1500-15P. Use this information to create a demand and revenue function that will help you complete the Supply and Demand Schedule. At what price do Supply and Demand equal each other? Given the DIA supply equation and the fan's demand equation, what is the maximum revenue that can be achieved? Plot the supply and demand curves on a line graph. Include a legend, axis titles, and chart title. Notes Revenue Formula: Revenue Quantity 0 500 750 1000 Ticket Price DIA Supply Fan Demand Revenue = Price Price x Quantity Supply Schedule Revenue Supply and Demand Schedule Graph J

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