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Maximize profit

  1. Oct 25, 2012 #1
    1. The problem statement, all variables and given/known data
    u of o girls club soccer team is raffling off a cicycle to raise money for new equipment. IF they charge 4 dollars per ticket they will sell 360 tickets for each 50 cent increase ticket price, they will sell 20 fewer tickets. what ticket price should they charge to maximize their income


    2. Relevant equations
    ?



    3. The attempt at a solution
    I was wondering if their is a formula to solve this equation or do i just guess and check.
     
  2. jcsd
  3. Oct 25, 2012 #2

    Ray Vickson

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    I don't see an equation anywhere in your question. ou need to develop one; that is, you need to find a formula for the total revenue (or what you call income) the club obtains if it charges $4 + x cents per ticket (or $4 + 50x cents, if that is easier for you). After you have the formula, then you need to find the maximum.

    RGV
     
  4. Oct 25, 2012 #3

    HallsofIvy

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    This is incorrectly punctuated. In order to make sense, it should be:
    "IF they charge 4 dollars per ticket they will sell 360 tickets. For each 50 cent increase ticket price, they will sell 20 fewer tickets."
    If x is the price of a ticket in dollars, x- 4 is the number of dollars increase and 2(x- 4) will be the number of 50 cent increases.

    The total number of tickets sold will be 360 minus "the number of tickets fewer"
    The income is the number of tickets sold times the price of each ticket.


    If you really have no idea how to do this kind of problem (I am very concerned that you seem to think that plugging numbers into a formula or "guess and check" are your only options) you should talk to your teacher about it.
     
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