A Water Park Finds That at an Admission Price of $20

question 59

Short Answer

A water park finds that at an admission price of $20, attendance is 300 per day. For every $1 decrease in price, 50 more people visit the park per day. How many dollars should the park chanrge for admission to maximize revenue (to the nearest dollar)?

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Definitions:

Rejection

The refusal to accept, approve, or acknowledge something, especially referring to contractual or legal offers.

Counteroffer

A response to an original offer in a negotiation, where the terms of the first offer are modified.

Binding Contract

An agreement between two or more parties that is legally enforceable in a court of law.

Present Intent

The current intention or determination to engage in a particular action or effect a legal consequence.