Answer:
Step-by-step explanation:
First, note this parameters from the question.
We let x = number of $5 increases and number of 10 decreases in plates sold.
Our Revenue equation is:
R(x) = (300-10x)(10+5x)
We expand the above equation into a quadratic equation by multiplying each bracket:
R(x) = 3000 + 1500x - 3000x - 1500x^2
R(x) = -1500x^2 - 1500x + 3000 (collect like terms)
Next we simplify, by dividing through by -1500
= 1500x^2/1500 - 1500x/1500 + 3000/1500
= X^2 - x + 2
X^2 - x + 2 = 0
Next, we find the axis of symmetry using the formula x = -b/(2*a) where b = 1, a = 1
X = - (-1)/2*1
X = 1/2
Number of $5 increases = $5x1/2 = $2.5
=$2.5 + $20 = $22.5 ticket price gives max revenue.
Look up what is 75% of 31,500
