Economics - Price and Total Revenue
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The Portland Sea Dogs, the AA affiliate of the Boston Red Sox major league baseball team, have enjoyed a surge in popularity. During a recent home stand, suppose the club offered $5 off the $12 regular price of reserved seats, and sales spurted from 3,200 to 5,200 tickets per game.
A.Derive the function that describes the price-output relation with the price expressed as a function of quantity (tickets sold). Also express tickets sold as a function of price.
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Solution Summary
The price and total revenue of Portland Sea Dogs are examined. A complete, neat and step-by-step solution is provided.
Solution Preview
(A) Let p be the price per ticket, q be the number of tickets sold and R be the revenue
When p ...
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