An airline finds that if it prices a cross-country ticket at $300, it will sell 400 tickets per day. It estimates that each $10 price reduction will result in 50 more tickets sold per day. Find the ticket price (and the number of tickets sold) that will maximize the airline's revenue.
1 answer:
Answer:
price = $190
quantity = 950 tickets
Step-by-step explanation:
revenue = price * quantity
n = number of $10 price reductions
price = 300 - 10n
quantity = 400 + 50n
r = (300 - 10n)(400 + 50n)
recognize these as the factors of a quadratic that opens down
the vertex will therefor be the maximum revenue
the roots are:
300 - 10n = 0
300 = 10n
n = 30
400 + 50n = 0
50n = -400
n = -8
vertex is at mid point of the roots
n = (-8 + 30)/2
n = 11
price = 300 - 10n
price = 300 - 10(11)
price = 190
quantity = 400 + 50n
quantity = 400 + 50(11)
quantity = 950
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