Homework Help: Algebra

Posted by Anonymous on Tuesday, February 21, 2012 at 1:42pm.

You have just opened a new nightclub, Russ' Techno Pitstop, but are unsure of how high to set the cover charge (entrance fee). One week you charged $8 per guest and averaged 330 guests per night. The next week you charged $10 per guest and averaged 300 guests per night.

(a) Find a linear demand equation showing the number of guests q per night as a function of the cover charge p.
q(p)=

(b) Find the nightly revenue R as a function of the cover charge p.
R(p)=

(c) The club will provide two free non-alcoholic drinks for each guest, costing the club $4 per head. In addition, the nightly overheads (rent, salaries, dancers, DJ, etc.) amount to $2,000. Find the cost C as a function of the cover charge p.
C(p)=

(d) Now find the profit in terms of the cover charge p.
P(p)=

Determine the entrance fee you should charge for a maximum profit.
P=$___per guest.

What formula do I use and how should I approach this problem?

Thank you.

No one has answered this question yet.

Answer this Question

Related Questions

math - You have just opened a new nightclub, Russ' Techno Pitstop, but are ...
Algebra - Given Set H which contains all high school students in New York State ...
French - Fill in the blank with either leur or leurs. Fabien et Christophe sont ...
English - Look at the picture on the left. This is a plant. there are two leaves...
economics - The MidNight Hour, a local nightclub, earned $100,000 in accounting ...
Managerial Economics - The Midnight hour a local nightclub earned $100,000 in ...
managerial economics - The MidNight Hour, LOCl nightclub, earned $100,000 in ...
Finance - The venture capital fund Techno Fund II made a $4 million investment ...
English 1301 - So I think I just might be over thinking these run-on sentences, ...
Chemistry - What will be the effect on a chromatogram of two well separated ...

For Further Reading

First Name:
School Subject:
Answer: