Question

A baseball team plays in a stadium that holds 50000 spectators. When the ticket price is $10, the average attendance is 27000. When the price is lowered to $6, the average attendance rose to 39000. Find a demand function, D(q), where q is the quantity or number of spectators and D(q) is linear.

Answer 1

Answer:

the answer is below

Step-by-step explanation:

Demand seems to be based on price.

Therefore we must consider two things:

that "x" is equal to the price and that "y" is equal to the average attendance.

Thus:

the two points would be:

(x1, y1) = (10,27000)

(x2, y2) = (6.39000)

The slope of a straight line is given by:

m = (y2-y1) / (x2-x1)

we replace:

m = (39000 - 27000) / (6 - 10) = 12000 / -4 = -3000

The equation of a straight line can be expressed like this

y = m * x + b.

where

m is the slope and b is the y-intercept.

we replace

y = -3000 * x + b.

To solve for b, replace x and y with the value of one of the points on the line.

We choose (6.39000). and we replace:

39000 = -3000 * 6 + b

39000 = -18000 + b

39000 + 18000 = b

b = 57000.

if we replace we have:

the equation becomes y = -3000 * x + 57000

since it is the demand and * x is the price.

t = d (x), therefore the equation becomes

d (x) = -3000 * x + 57000.

d (x) = 57000 - 3000 * x.

when x = 0, the price is 0 and the demand will be 57000, which will be more than the stadium can contain because the stadium can only contain 50,000.

So:

when x = 6, the price is 6 and the demand is 57000 - 18000 = 39000.

when x = 10, the price is 10 and the demand is 57000 - 30000 = 27000.