Adriana Is in Charge of Setting the Price on Basketball

question 8

Essay

Adriana is in charge of setting the price on basketball tickets for the local team's home games. From previous experience, she has estimated demand to be
P = 50 - 0.00166Q,
where P represents price in dollars per seat, and Q represents seats that could be sold per game. The seating capacity is 25,000 seats. Determine the number of tickets that would be sold at a ticket price of $15 each. Also, determine the consumer surplus that could be absorbed from these consumers if Adriana were able to set ticket prices so that each customer (who values the ticket at least at $15) pays the entirety of his or her actual valuation of the ticket.

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Definitions:

Regiochemistry

The study of the principles guiding the direction or position that new bonds form in a molecule during a chemical reaction.

Free Radical Halogenation

A chemical reaction where a halogen atom is introduced into an organic molecule by free radical mechanism, often used in the synthesis of halogenated compounds.

Chlorine

A chemical element with symbol Cl and atomic number 17, known for its extensive use as a disinfectant and in the manufacture of various compounds.

Bromine

A dark red, volatile element of the halogen group, used in a variety of compounds and applications, including flame retardants and photography.