You have been tasked with estimating the demand function of ticket sales for the Columbus Crew (a regional monopoly) You found a demand function Pt 10000 8Qt (a) Draw the demand function (b) Find and draw the Marginal Revenue function (c) Assume the team wants to maximize revenue, what price should they charge for a ticket Define the terms elastic, inelastic, and unit elastic Explain why a team maximiz ing revenue would always operate at the point of unit elasticity on their demand curve

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Question: You have been tasked with estimating the demand function of ticket sales for the Columbus Crew (a regional monopoly). You found a demand function Pt

You have been tasked with estimating the demand function of ticket sales for the Columbus Crew (a regional monopoly). You found a demand function Pt = 10000 8Qt

(a) Draw the demand function

(b) Find and draw the Marginal Revenue function

Define the terms elastic, inelastic, and unit elastic. Explain why a team maximiz- ing revenue would always operate at the point of unit elasticity on their demand curve.

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