Solved: Find the demand function, A baseball team plays in a stadium that holds 55,000, Microeconomics

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Find the demand function

A baseball team plays in a stadium that holds 55,000 spectators. With ticket prices at $10, the average attendance had been 27,000. When ticket prices were lowered to $8, the average attendance rose to 33,000.

(a) Find the demand function, assuming that it is linear.

(b) How should ticket prices be set to maximize revenue?

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Microeconomics: Find the demand function

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Solution Preview :

Prepared by a verified Expert

Microeconomics: Find the demand function

Reference No:- TGS0697457

Have a Question? (oR Write a Review)

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Solution Preview :

Prepared by a verified Expert

Microeconomics: Find the demand function

Reference No:- TGS0697457

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