An amusement park charges $10 for admission. On average, 25,000 people visit the park each day Suppose that for each $1 increase in the entrance price, the park loses 100 daily customers a) Complete the table to explore the relationship between price and revenue numerically b) Generalize the numerical pattern in the table to write a formulas for the number of patrons as a function of price and the revenue as a function of price. c) What price should be charged to produce the maximum revenue? What is the maximum revenue? What number of patrons will visit the park? a) Complete the table. Attendance, N(p) Admission Revenue R(p) price, p $10 $11 $12 $4

Algebra for College Students
10th Edition
ISBN:9781285195780
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter2: Equations, Inequalities, And Problem Solving
Section2.3: Equations Involving Decimals And Problem Solving
Problem 51PS
icon
Related questions
Question

13

An amusement park charges $10 for admission. On average, 25,000 people visit the park each day Suppose that for each $1 increase in the entrance price, the park
loses 100 daily customers.
(a) Complete the table to explore the relationship between price and revenue numerically.
(b) Generalize the numerical pattern in the table to write a formulas for the number of patrons as a function of price and the revenue as a function of price.
(c) What price should be charged to produce the maximum revenue? What is the maximum revenue? What number of patrons will visit the park?
...
(a) Complete the table.
Admission
Attendance,
N(p)
Revenue R(p)
price, p
$10
$4
$11
$12
%24
%24
Transcribed Image Text:An amusement park charges $10 for admission. On average, 25,000 people visit the park each day Suppose that for each $1 increase in the entrance price, the park loses 100 daily customers. (a) Complete the table to explore the relationship between price and revenue numerically. (b) Generalize the numerical pattern in the table to write a formulas for the number of patrons as a function of price and the revenue as a function of price. (c) What price should be charged to produce the maximum revenue? What is the maximum revenue? What number of patrons will visit the park? ... (a) Complete the table. Admission Attendance, N(p) Revenue R(p) price, p $10 $4 $11 $12 %24 %24
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Recommended textbooks for you
Algebra for College Students
Algebra for College Students
Algebra
ISBN:
9781285195780
Author:
Jerome E. Kaufmann, Karen L. Schwitters
Publisher:
Cengage Learning
Intermediate Algebra
Intermediate Algebra
Algebra
ISBN:
9781285195728
Author:
Jerome E. Kaufmann, Karen L. Schwitters
Publisher:
Cengage Learning
Algebra: Structure And Method, Book 1
Algebra: Structure And Method, Book 1
Algebra
ISBN:
9780395977224
Author:
Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:
McDougal Littell
College Algebra
College Algebra
Algebra
ISBN:
9781337282291
Author:
Ron Larson
Publisher:
Cengage Learning
Trigonometry (MindTap Course List)
Trigonometry (MindTap Course List)
Trigonometry
ISBN:
9781337278461
Author:
Ron Larson
Publisher:
Cengage Learning
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill