http://www.24enews.com/what-admission-price-should-be-charged-in-order-to-maximize-revenue-and-what-is-the-maximum-revenue/ 24Enews - 24hrs breaking news Education, Technology, Politics, Entertainment, Movies, Hollywood, Exams, Universities, Schools, Admissions, Music & many more news all over the World Sat, 12 Dec 2009 20:52:20 -0700 hourly 1 http://www.24enews.com/what-admission-price-should-be-charged-in-order-to-maximize-revenue-and-what-is-the-maximum-revenue/comment-page-1/#comment-92 Ron W Mon, 22 Jun 2009 09:15:49 +0000 http://www.24enews.com/admissions/what-admission-price-should-be-charged-in-order-to-maximize-revenue-and-what-is-the-maximum-revenue/#comment-92 So if the price is $5.25, attendance is 98 if the price is $5.50, attendance is 96 etc. Let the average attendance be denoted by q. Then q is related to the admission price p (in dollars) by q = 100 - (p-5)/0.25 or after simplifying q = 140 - 8p Then the revenue R (in dollars) is the admission price, times the attendance: R = pq = p(140 - 8p) = 140p - 8p² I leave the rest to you. So
if the price is $5.25, attendance is 98
if the price is $5.50, attendance is 96
etc.
Let the average attendance be denoted by q. Then q is related to the admission price p (in dollars) by
q = 100 – (p-5)/0.25
or after simplifying
q = 140 – 8p
Then the revenue R (in dollars) is the admission price, times the attendance:
R = pq = p(140 – 8p) = 140p – 8p²
I leave the rest to you.

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