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1. The Swamp holds about 90,000 spectators. With ticket prices at $90, the average attendance is 70,000. When the ticket prices are lowered to $85, the average attendance rises to 75,000.
a) Assuming linearity of the demand curve, how should ticket prices be set to maximize revunue? what is the maximum revunue?
b) Suppose The Swamp has a cost function of C(x)=5x+100,000 each game. How should ticket prices be set to maximize profit? What is the maximum profit? (Use your Revenue function from (a)).
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