Business, 31.03.2020 17:31 bluetigerbird4745
A concert organizer learned from a market survey that when the admission price is\$30, there is an average attendance of 800 people. For every $1 drop in price, there is a gain of 20 customers. Each customer spends an average of $5 on concessions. The concert hall has 1,000 seats.
a. The demand function, expressed by p , the price in dollars charged for each ticket, as a function of x , the number of average attendance, is:
b. The revenue function is R(x) , where x is defined between and
c. To maximize its revenue, the price the concert organizer charges should be dollars for each ticket.
Answers: 3
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A concert organizer learned from a market survey that when the admission price is\$30, there is an a...
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