Answers

1. The maximum possible revenue from this concert is less than $20,000

   The correct answer is an option (a)

   In this question, we have been given a maximum of 1000 people- With ticket prices at $30_ the concert venue holds average attendance is 650 people: It is predicted that for each dollar the ticket price is lowered, approximately 25 more people attend.

   We need to find the maximum possible revenue from this concert.

   Revenue = (attendance/number of tickets sold)(price per ticket)

   Let y = attendance/number of tickets sold

   and x = price per ticket.

   Let m = -25 and a point in our function be (30, 650).

   From this information, a function in point-slope form would be:

   y – 650 = -25(x – 30)

   y = -25x + 750 + 650

   y = -25x + 1400

   so, the revenue function would be,

   R(x) = yx

   R(x) = -25x² + 1400x

   The maximum of  the revenue function is at the vertex.

   -b/2a = -1400/(-2 * 25)

            = 28

   so, the maximum revenue from this concert:

   R(28) = -25(28)² + 1400(28)

            = 19600

   Therefore, the revenue from this concert is Less than $20,000

   Learn more about the revenue here:

   https://brainly.com/question/18859122

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   The complete question is:

   A maximum of 1000 people- With ticket prices at S30_ the concert venue holds average attendance is 650 people: It is predicted that for each dollar the ticket price is lowered, approximately 25 more people attend. What is the maximum possible revenue from this concert?

   a) Less than $20,000

   b) Between S20,000 and S24,000

   c) Between S24,000 and S28,000

   d) Between S28,000 and $32,000

   e) More than $32,000

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