Assuming that the venue can hold 14,000 people ( not, 12,000 people)
(a) Let x be the number of incremental increases
So the number of tickets sold = (14000 - 20x)
(b)
We have that
Profit = Revenue - Cost of staging concert
Revenue = Number of people * Price
Let x be the number of incremental price increases......so....
Revenue = (14000 - 20x) ( 100 + x) simplify
Revenue = 1400000 - 2000x + 14000x - 20x^2 = -20x^2 + 12000x + 1400000
So.....the total profit is given by
Revenue - Expenses...so.....
y = -20x^2 + 12000x + 1400000 - 1000000
y= -20x^2 + 12000x + 400000
(c) See the graph, here : https://www.desmos.com/calculator/kqdbrpbuuz
The domain is [0, ≈ 632 ]
(d) The range of prices that will guarantee a profit =
(100 + 0 , ≈ 100 + 632) = [100, ≈732 ] (in dollars)
(e) Looking at the graph again.......the max occurs at (300, 2,200,000)
So the price that will guarantee a max = (100 + 300) = $400
And the number of tickets sold at this price = 14000 - 20(300) = 8000 tickets
