Having a lot of trouble understanding optimization
Hey, all. I'm new here. I have been struggling very much to get this problem figured out, and I am just completely stuck.
I will type it out:
A hockey team plays in an arena with a seating capacity of 15,000 spectators. With the ticket price set at $12, average attendance at a game has been 11,000. A market survey indicates that for each dollar the ticket price is lowered, average attendance will increase by 1000. How should the owners of the team set the ticket price to maximize revenue from ticket sales?