Question

Question 7
A musician charges C (a)=64x+20, 000, where a is the total number of attendees at the
concert. The venue charges $80 per ticket. After how many people buy tickets does the venue break even, and what is the value of the total tickets sold at that point? Answers 1. diemthu The number of people at the break-even point is 1250 and the total ticket sold is$100000

### How do determine the number of people at the break-even point?

In economics, business, and particularly cost accounting, the break-even point is the point at which total cost and total income are equal, or “even.” There is no overall profit or loss.
The cost function is given as:
C(x) = 64x + 20000
The venue charges $80 per ticket. Then the revenue function is R(x) = 80x At breakeven point, we have R(x) = C(x) Substitute the known values in the above equation. 80x = 64x + 20000 Evaluate the like terms 16x = 20000 Divide both sides by 16. x = 1250 Substitute x = 1250 in R(x) = 80x R(1250) = 80 * 1250 Evaluate the value. R(1250) = 100000 Hence, the number of people at the break-even point is 1250 and the total ticket sold is$100000.