optimization problem #2
Hi, I need help with this optimization problem...
suppose that 20,000 fans will go to a ball game when the price of a ticket is $5 and that 500 fewer fans will go for each $1 increase in ticket price. What should the ticket price be in order to maximize revenue?
Can anyone answer this?
you've already asked about a couple of optimization problems.
Originally Posted by mike21
here's a couple of ideas to get you started...
1. let x = number of $1 price changes
2. Revenue = (ticket price)(attendance)
set up a revenue equation and show us something.