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.