Question

Rosalie is organizing a circus performance to raise money for a charity. She is trying to decide how much to charge for tickets. From past experience, she knows that the number of people who will attend is a linear function of the price per ticket. If she charges 5 dollars, 1175 people will attend. If she charges 7 dollars, 935 people will attend. How much should she charge per ticket to make the most money

Answer 1

Answer:

she should charge $7.395 per ticket in order to make the most money.

Step-by-step explanation:

From the given information:

If Rosalie charges $5   then 1175 people will attend the circus performance

If Rosalie charges $7   then 935 people will attend the circus performance

Let x be the cost and y to be the number of people that will attend the performance . Then, we will have two points which are;

(5, 1175) and (7, 935)

The slope(m) of this points = $\dfrac{\Delta y}{\Delta x}$

= $\dfrac{y_2-y_1}{x_2-x_1}$

$=\dfrac{935-1175}{7-5}$

Slope (m) = $\dfrac{-240}{2}$

Slope (m) = -120

However; we can now have the linear equation:

$y-y_1 = m(x-x_1)$

$y-1175= -120(x-5)$

$y-1175= -120x+600$

$y= -120x+600+1175$

$y= -120x+1775$

The linear function is : y = -120x + 1775

Now; the total amount of money she can now earn is:

f(x) = xy

f(x) = x(-120x + 1775)

f(x) = -120x² + 1775x

The above expression is a quadratic equation; Using the quadratic formula; we have:

$=\dfrac{-b \pm \sqrt{b^2-4ac}}{2a}$

where; a = -120 ; b = +1775 and c = 0

$=\dfrac{-(1775) \pm \sqrt{(1775)^2-4(-120)(0)}}{2(-120)}$

$=\dfrac{-(1775) + \sqrt{(1775)^2-4(-120)(0)}}{2(-120)} \ \ \ \ \ OR \ \ \ \ \dfrac{-(1775) -\sqrt{(1775)^2-4(-120)(0)}}{2(-120)}$

$=\dfrac{-(1775) + \sqrt{(1775)^2}}{(-240)} \ \ \ \ \ OR \ \ \ \ \dfrac{-(1775) -\sqrt{(1775)^2}}{(-240)}$

$=\dfrac{-(1775) + (1775)}{(-240)} \ \ \ \ \ OR \ \ \ \ \dfrac{-(1775) - (1775)}{(-240)}$

$=\dfrac{0}{(-240)} \ \ \ \ \ OR \ \ \ \ \dfrac{-3550}{(-240)}$

=     0        OR         14.79

Since; we are considering the value greater than zero

x = 14.79

maximum value of x = 14.79/2 = 7.395

Thus ; she should charge $7.395 per ticket in order to make the most money.