The number of people at the break-even point is 1250 and the total ticket sold is $100000
<h3>How do determine the number of people at the break-even point?</h3>
In economics, business, and particularly cost accounting, the break-even point is the point at which total cost and total income are equal, or "even." There is no overall profit or loss.
The cost function is given as:
C(x) = 64x + 20000
The venue charges $80 per ticket. Then the revenue function is
R(x) = 80x
At break-even point, we have
R(x) = C(x)
Substitute the known values in the above equation.
80x = 64x + 20000
Evaluate the like terms
16x = 20000
Divide both sides by 16.
x = 1250
Substitute x = 1250 in R(x) = 80x
R(1250) = 80 * 1250
Evaluate the value.
R(1250) = 100000
Hence, the number of people at the break-even point is 1250 and the total ticket sold is $100000.
Read more about cost and revenue functions at:
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