PLEASE HELP:( A baseball team plays in he stadium that holds 50000 spectators. With the ticket price at 8 dollars, the average attendence has been 20000. When the price dropped to 7 dollars, the average attendence rose to 25000.
a) Find the demand function , where is the number of the spectators. (assume that is linear)
b) What should be the ticket price so that the revenue is maximized?
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The demand function gives quantity demanded (tickets sold) as a function of price (x).
You are told:
when x= 8 dollars, attendence is 20000--> so (8, 20000) is a point on the line
When x= 7 dollars, attendence is 25000--> so (7, 25000) is a point on the line
So you have 2 points on the line. Find the slope, then use one point and the slope to write the equation.
Hmmmmmm...... no, that doesn't look right. How did you get that? The slope is correct, but not your y-intercept.