littlefield

The WinnersMathematical Modeling: 

The Winners Mathematical Modeling Natalie Reid David Rives Andrew Littlefield

Problem: 

Problem We were put on a task to plan a concert. We had to decide on which band should play, which arena they should perform in, and how much to sell the tickets for.

Information Provided: 

Information Provided To begin our project, we were given the basic information including: the price each band would charge to perform at the concert, how much each arena would cost, the cost of advertising and the ticket agency, and how much our workers would charge.

Task 1: Revenue: 

Task 1: Revenue As you can see, the revenue increases as the number of tickets sold increases. R= Revenue N=Number of Tickets Sold R=20N

Task 2: Cost Model: 

Task 2: Cost Model If we were to host the concert at the Cotton Bowl, the cheapest option would be to hire Who’s That? to perform at just under $300,000. C= Total Cost V= Variable Costs F= Fixed Costs C= V+F

Task 2: Cost Model (cont.): 

Task 2: Cost Model (cont.) If we decided to host the concert at the Starplex Amphitheater, Who’s That? would also be our cheapest option at about $250,000. C=V+F

Task 3: Profit Model: 

Task 3: Profit Model If we were to have Who’s That as our performer, we would want them to perform at Starplex because the break even point is lower which means we wouldn’t have to sell as many tickets to make a profit. The breakeven point at the Cotton Bowl is 11,484 tickets and at Starplex it is 10,516. P= Profit, R= Revenue, C= Cost P= R-C

Task 3: Profit Model (cont.): 

Task 3: Profit Model (cont.) If we chose Dixie Chickens as our performers, we would want to have them perform at Starplex. The breakeven point would be 13,097 tickets there, and 14,065 tickets at the Cotton Bowl. P= R-C

Task 3: Profit Model (cont.): 

Task 3: Profit Model (cont.) If we had Ms. Teak as our performer, we would also want them to perform at Starplex. P= R-C

Ticket Prices for the Dixie Chickens: 

Ticket Prices for the Dixie Chickens If Dixie Chickens were performing for us, we would want them to perform at the Cotton Bowl for $60 a ticket.

Ticket Prices for Who’s That: 

Ticket Prices for Who’s That If Who’s That were to perform, we would want them to perform at the Cotton Bowl for $60 a ticket.

Ticket Prices for Ms. Teak: 

Ticket Prices for Ms. Teak Our best choice if we were having Ms. Teak perform would be at the Cotton Bowl for $60 a ticket.

Solution: 

Solution With all of this information, our final solution is: Who’s That? at the Cotton Bowl for $60 a ticket.