The University of Michigan football stadium, built in 1927, is the largest college stadium in America, with a seating capacity o

Question

3 years ago

7

The University of Michigan football stadium, built in 1927, is the largest college stadium in America, with a seating capacity o

f 111,500 fans. Assume the stadium sells out all six home games before the season begins, and the athletic department collects $93.66 million in ticket sales. Required: 1. What is the average price per season ticket and average price per individual game ticket sold

Business

1 answer:

cricket20 [7] · Answer 1 · 2022-01-04T21:28:06+03:00

Answer:

a. $840

b. $140

Explanation:

a. The calculation of the average price per season ticket is shown below:-

Average price per season ticket = Total price of season tickets ÷ Sitting capacity

= $93,660,000 ÷ 111,500

= $840

b. The calculation of average price per individual game ticket sold is shown below:-

Average price per individual game ticket sold = Average price per season ticket ÷ Six home games

= $840 ÷ 6

= $140

Therefore we simply applied the above formula for computing the average price per season ticket and average price per individual game ticket sold.