SOLUTION: Consider the demand for tickets to see a specific hockey team play. The price of the ticket can be related to the quantity demanded (q) by the function: p=239−0.01q. When the are
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Question 1202380: Consider the demand for tickets to see a specific hockey team play. The price of the ticket can be related to the quantity demanded (q) by the function: p=239−0.01q. When the arena is not close to full capacity the total cost can be expressed by the function: Cost=51q+5,000,000.
Find marginal revenue (MR) as a function of quantity demanded.
MR=
Let p∗ and q∗ be the price and quantity demanded where profit is maximized.
p∗=
q∗=
The hockey players union has negotiated a deal requiring the team owner to pay an extra $1,000,000 a year in salaries to the players. What should the new ticket price (p1) be to ensure that profit is maximized.
p1=
