SOLUTION: The tickets to a charity concert will sell out if the price is $15 per ticket. It is estimated that for each $1 increase in ticket's price, 20 tickets will remain unsold. What tick
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Question 1031134: The tickets to a charity concert will sell out if the price is $15 per ticket. It is estimated that for each $1 increase in ticket's price, 20 tickets will remain unsold. What ticket price will maximize the charity's profit, if there are total 500 seats in the concert hall? Answer by josmiceli(19441) (Show Source):
You can put this solution on YOUR website! With zero increase in ticket price, The
number of tickets sold is: and income is:
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When there are dollar increases
in the ticket price, the income is:
This function is a maximum when: , where
and
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With $1 increases in ticket price,
the price that will maximize profit is:
$20
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Here's the plot of income:
