The ticket price which will maximize the student's council is: C. $3.10.
What is price?
Price can be defined as an amount of money which is primarily set by the seller of a product, and it must be paid by a buyer to the seller, so as to enable the acquisition of this product.
Based on the information provided about Valley High School student council, we can logically deduce the following data:
- Total number of students = 420 students.
- Lowest ticket price = $2.00.
- Increase in ticket price = $0.20.
- Attendance = 20 fewer students
How to determine the ticket price?
Mathematically, the equation which model the profit is given by:
Profit = price × number of tickets sold
P(x) = (2 + 0.2x)(420 - 20x)
P(x) = 840 + 84x - 40x - 4x²
P(x) = -4x² + 44x + 840.
For any quadratic equation with a parabolic curve, the axis of symmetry is given by:
Xmax = -b/2a
Xmax = -44/2(-4)
Xmax = -44/-8.
Xmax = 5.5
Ticket price for maximum profit is given by:
Ticket price = 2 + 0.2x
Ticket price = 2 + 0.2(5.5)
Ticket price = $3.10.
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