In the Same Football Conference as the University in Problem

question 14

Multiple Choice

In the same football conference as the university in Problem 9 is another university where the demand for football tickets at each game is 100,000 - 8,000p. If the capacity of the stadium at that university is 60,000 seats, what is the revenue-maximizing price for this university to charge per ticket?

• A) $6.25
• B) $5
• C) $12.50
• D) $3.13
• E) $18.75

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Definitions:

Rule

A prescribed guide for conduct or action established by an authority, principle, or procedure that governs behavior.

Omission

The act of leaving out or excluding something, either intentionally or inadvertently, from consideration or action.

Commission

A fee paid to an agent or employee for transacting a piece of business or performing a service.

Misrepresentation

A false statement or lie that deceives, misleads, or presents an inaccurate picture of the reality.