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Your new garage band wants to hold a concert at the end of the semester on the QU campus. You estimate that the expected crowd size will depend on ticket price the lower you price the tickets

Your new garage band wants to hold a concert at the end of the semester on the QU campus. You estimate that the expected crowd size will depend on ticket price (i.e., the lower you price the tickets the more people will show up). Specifically, the expected crowd size is normally distributed with a mean of 3000 - ticket price*100 and standard deviation 30% of the mean (minimum of 0). The average expenditure on concessions is also normally distributed with mean $10 and standard deviation of $4 (minimum of 0). The band's profit is 50% of sum of gate and concession sales minus a fixed cost of $10,000 paid to the university.

Apr 03 2020 View more View Less

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