Problema Solution
(Part B)
Using the results from part a to find a formula for the total revenue function R(x)=total revenue(price per individual ticket)*(estimated number of tickets sold)= x=N(x)
(showing all work)
(a) how much total revenue will be produced if tickets arer priced at $25 each?
(b)at what price should the tickets be priced in order to generate $17,500.00 total revenue?
(c)Find the ticket price that will generate the maximum possible total revenue. Also state the possible maximum revenue for the event.
maximum total revenue possible=_______occurs when the ticket price=____.
(d) graph the function R(x), include vertex and intercepts, and all scales used.
Answer provided by our tutors
From part B and C the formulas for both total revenue and cost in terms of the same input variable(x=ticket price).Find a simplified formula for P(x)= the profit function for the event as a function of the input variable x= ticket price.
P(x)=_______________ . The break even point is where TOTAL REVENUE= TOTAL COST(or when Profit=$0).Use equations and algebra to determine the lowest ticket price that will produce a break even point.(showing all supporting work).
The first break even point will occure when the ticket price=$______
using the formula for profit find
the maximum profit possible=__________
Ticket price that will generate this max profit=__________
estimated number of attendees that will need to produce max profit=_____.