Before the pandemic cancelled sports, a baseball team played home games in a stadium that holds up to 50,000 spectators. When ticket prices were set at $12, the average attendance was 30,000. When the ticket prices were on sale for $10, the average attendance was 35,000. (a) Let D(x) represent the number of people that will buy tickets when they are priced at x dollars per ticket. If D(x) is a linear function, use the information above to find a formula for D(x). Show your work!
(b) The revenue generated by selling tickets for a baseball game at x dollars per ticket is given by R(x) = x-D(x). Write down a formula for R(x).
(c) Next, locate any critical values for R(x). Show your work!
(d) If the possible range of ticket prices (in dollars) is given by the interval [1,24], use the Closed Interval Method from Section 4.1 to determine the ticket price that will maximize revenue. Show your work!
Optimal ticket price: Maximum Revenue: