A concert promoter is planning the ticket price for an upcoming concert for a certain band. At the last concert, she charged $70 per ticket and sold 2000 tickets. After conducting a survey, the promoter has determined that for every $1 decrease in ticket price, she might expect to sell 50 more tickets.
a) What maximum revenue can the promoter expect? What ticket price will give that revenue?
b) How many tickets can the promoter expect to sell at that price?
c) Explain any assumptions the concert promoter is making in using this quadratic function to predict revenues.
+33615 Thanks Chris.
I can't say I remember ever doing this sort of problem before at all (though this could also be because my memory is fading even faster!), and it wasn't immediately obvious to me how to do it. It's one of those problems for which the approach seems "obvious" after it's been done!
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+128474 Nicely done, Alan....I remember this kind of problem, but I couldn't remember the set-up. Thanks for jogging my (increasingly fading) memory!!!
+33615 Thanks Chris.
I can't say I remember ever doing this sort of problem before at all (though this could also be because my memory is fading even faster!), and it wasn't immediately obvious to me how to do it. It's one of those problems for which the approach seems "obvious" after it's been done!
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