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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.

An airline finds that if it prices a crosscountry ticket at 300 it will sell 400 tickets per day It estimates that each 10 price reduction will result in 50 mor class=

Respuesta :

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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