If club members charge $3 admission to a classic car show, 1000 people will attend, and for each $1 increase in price, 100 fewer people will attend. What price will give the maximum revenue for the show?

If club members charge $3 admission to a classic car show, 1000 people will attend, and for each $1 increase in price, 100 fewer people will attend. What price will give the maximum revenue for the show?

Algebra: Structure And Method, Book 1

(REV)00th Edition

ISBN:9780395977224

Author:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole

Publisher:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole

Chapter3: Solving Equation And Problems

Section3.4: Using Equations To Solve Problems

Problem 31P

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Step 1: Introduce to the given information

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Step 2: Determining the Revenue function

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Step 3: Determining the critical value

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Step 4: Verifying that the revenue is maximum at the critical point using second derivative test

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Step 5: Determining the price that will give the maximum revenue for the show

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