Asked by Leonora
Planner for a festival is trying to decide what to charge for ticket prices. Based on sampling they determine that if they charge $400 for a weekend pass, 40000 people will attend. However it has been pointed out to them that for each $10 reduction in price 4000 more people will attend.
a) create a quadratic relation to model this scenario.
b) Using algebra determine the break even points and explain their meaning.
c)Using algebra determine the maximum revenue the festival can make, the # of people that will attend for maximum revenue, and the price that they will charge to earn the maximum revenue.
d) determine the initial value(y intercept) and explain its meaning.
a) create a quadratic relation to model this scenario.
b) Using algebra determine the break even points and explain their meaning.
c)Using algebra determine the maximum revenue the festival can make, the # of people that will attend for maximum revenue, and the price that they will charge to earn the maximum revenue.
d) determine the initial value(y intercept) and explain its meaning.
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