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How should ticket prices be set to maximize revenue

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Reference no: EM131139169

Problem - A baseball team plays in a stadium that holds 51,000 spectators. With tickets process at $10, the average attendance has been 49,000. When ticket prices were lowered to $8, the average attendance rose to 51,000.

(a) Find the demand function (price p as a function of attendance x), assuming it to be linear.

(b) How should ticket prices be set to maximize revenue?

Reference no: EM131139169

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