Lexus H.

asked • 06/13/15

finding a profit function. Help!!!

A) Find a profit function from previous answers as a function of q. (Let UPPER CASE 'P' represent the profit and lower case 'p' represent ticket price)
 
Previous Equations:
Cost Function C(Q)= 8q+3200
Revenue Function R(Q)= -10p^2+850p ( in terms of q,  (1/10q^2)+85q ...? I think?)
Demand Function: -10p+850                 ( in terms of q, (q/10-85=p ...I think?)
 
Profit function is P(q)=R(q)-C(q)
 
 
B) Now, the group that you are serving as a consultant for this event is really interested in determining what ticket price will maximize profit for this event. Use your answer above to determine: THE MAXIMUM PROFIT FOR THIS EVENT, THE TICKET PRICE THAT WILL CAUSE THIS MAXIMUM RROFIT TO OCCUR, AND THE (PREDICTED) NUMBER OF PEOPLE WHO WILL ATTEND THIS EVENT.

1 Expert Answer

By:

Raymond B. answered • 08/16/21

Tutor
5 (2)

Math, microeconomics or criminal justice

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