
Tamara J. answered 11/19/12
Math Tutoring - Algebra and Calculus (all levels)
You are given the following: Profit (P) = $1,125
Cost (C) on advertising = $75
# of tickets sold = 120 tickets
Price per ticket = $? ==>
Note: the price per ticket multiplied by the # of tickets sold yields the total revenue.
Profit, cost, and revenue are related by the following formula:
Profit = Revenue - Cost
Let x represent the price per ticket, then....
.... Revenue = (# of tickets sold) * (price per ticket) = (120) * (x) = 120x
So,
Profit = Revenue - Cost
1,125 = 120x - 75
Now solve for x:
1,125 + 75 = 120x - 75 + 75
1,200 = 120x
(1,200) / 120 = (120x) / 120
10 = x
Thus, each ticket cost $10.