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Math Help - optimization problem #2

  1. #1
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    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?
    Last edited by mr fantastic; April 18th 2010 at 07:03 PM. Reason: Edited post title
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  2. #2
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    Quote Originally Posted by mike21 View Post
    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.

    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.
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