SOLUTION: I have a question on how to set up my RAFT project
RAFT project:
You are a business owner. You would like to know how many tickets you need to sell for a show to make a profit. C
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RAFT project:
You are a business owner. You would like to know how many tickets you need to sell for a show to make a profit. C
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Question 1061621: I have a question on how to set up my RAFT project
RAFT project:
You are a business owner. You would like to know how many tickets you need to sell for a show to make a profit. Currently you are selling each ticket for $5.00, but for every $0.50 increase of the price, 100 fewer people will attend. Your club/auditorium has 1200 seats, what ticket price will maximize your profit to be successful. You will need to set up and solve the equation properly, then graph your maximized profit.
I'm a little confused because it didn't state how much money was put into the show.
If you could help me get a start on it and explain what is happening that would be much appreciated; thank you! Answer by josmiceli(19441) (Show Source):
You can put this solution on YOUR website! You have to start off with the initial condition
that there is NO increase in price, and your
maximum profit will be when you sell out the
whole auditorium ( 1200 seats ).
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Given that, you put in the given conditions, and this
is what you end up with:
Let = profit from sales of tickets
Let = the number of $.50 increases in ticket price
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You will get a parabola out of this, on the vertical axis
and on the horizontal axis
Use the formula where you have the form:
Then you plug back into your equation to get , maximum profit
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Hope this helps gets you started
They don't rteally tell you that they can sell out
the auditorium with $5 ticket price, but I'm assuming that
