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    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 Preview

    (A) Let p be the price per ticket, q be the number of tickets sold and R be the revenue

    When p ...

    Solution Summary

    The price and total revenue of Portland Sea Dogs are examined. A complete, neat and step-by-step solution is provided.