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. 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.
    Read more about cost and revenue functions at:
    brainly.com/question/25188276
    #SPJ1

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