A baseball team plays in a stadium that holds 56000 spectators. With the ticket price at $11 the average attendance has been 25000. When the price dropped to $8, the average attendance rose to 28000. Find a demand function D(q), where q is the quantity/number of the spectators. (Assume D(q) is linear)
D(q)= (For best results, keep answers in fraction form, not decimals)
Please show all work. Thank You.
To find the demand function, D(q), we will use the information provided about the ticket price and average attendance. We are given that the stadium can hold 56,000 spectators, the ticket price was initially $11, and the average attendance was 25,000. When the price dropped to $8, the average attendance increased to 28,000.
Let’s break down the problem step by step:
Where:
(25,000 – 28,000) = (11a + b) – (8a + b) -3,000 = 3a
So, we have found the values of both constants a and b:
a = -1,000 b = 36,000
Now, we can write the linear demand function D(q):
D(q) = -1,000P + 36,000
This is the demand function for the baseball team’s tickets, where D(q) represents the average attendance and P represents the ticket price.
As a renowned provider of the best writing services, we have selected unique features which we offer to our customers as their guarantees that will make your user experience stress-free.
Unlike other companies, our money-back guarantee ensures the safety of our customers' money. For whatever reason, the customer may request a refund; our support team assesses the ground on which the refund is requested and processes it instantly. However, our customers are lucky as they have the least chances to experience this as we are always prepared to serve you with the best.
Plagiarism is the worst academic offense that is highly punishable by all educational institutions. It's for this reason that Peachy Tutors does not condone any plagiarism. We use advanced plagiarism detection software that ensures there are no chances of similarity on your papers.
Sometimes your professor may be a little bit stubborn and needs some changes made on your paper, or you might need some customization done. All at your service, we will work on your revision till you are satisfied with the quality of work. All for Free!
We take our client's confidentiality as our highest priority; thus, we never share our client's information with third parties. Our company uses the standard encryption technology to store data and only uses trusted payment gateways.
Anytime you order your paper with us, be assured of the paper quality. Our tutors are highly skilled in researching and writing quality content that is relevant to the paper instructions and presented professionally. This makes us the best in the industry as our tutors can handle any type of paper despite its complexity.
Recent Comments