Question

A baseball team plays in a stadium that holds 60000 spectators. With the ticket price at $11 the average

Answer 1

Answer:

D(q) = -(3)/(4,000)q+19.5

Step-by-step explanation:

Given:

overall capacity = 60000

price in point one = 11

spectators in first point = 26000

second point - price = 8

spectators = 30000

solution:

The demand of a product as a function of its price and other factors such as the prices of the substitutes and complementary goods, income is the expression known as demand function. It is represented by D(q)

we have two points in our line for given ques:

first point of line = (26,000, 11)

second point of line = (30,000, 8)

Slope = (11 - 8)/(26,000 - 30,000)

= (3)/(-4,000)

y = mx + b

here, b = factors influencing demand besides price

m = slope

x = price

10 = (3)/(-4,000) )(26,000) + b

b = 19.5

y = -(3)/(4,000)+19.5

D(q) = -(3)/(4,000)q+19.5