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Algebra project - produce a rock concert

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Rock Concert Report: 

Rock Concert Report By: Adam Scheibner and Steven Ochoa

Problem: 

Problem Sam wants to know what scenario will earn him the most money with his rock concert.

Information Given – Fixed Costs: 

Information Given – Fixed Costs He provided us with three different bands to chose from all costing different amounts to book. Dixie Chickens – $88,000 Ms. Teak - $75,000 Who’s That - $48,000

More Fixed Cost!: 

More Fixed Cost! He gave us two different arenas to play at. The arenas also cost different amounts but have different seating capacity. Cotton Bowl – 25,704 seats, $75,000 Starplex Amphitheater – 20,111 seats, $60,000 There are two costs that are always paid. Advertising - $30,000 Ticket Agency - $25,000

Variable Costs Given: 

Variable Costs Given There were three variable costs. From this you can find that it is $4.50 in variable cost per attendee.

Putting It Together: 

Putting It Together Next we created tables showing the effect on profits from ticket price, the band chosen, the arena played in, and tickets sold.

“Dixie Chickens” at Starplex: 

“Dixie Chickens” at Starplex

“Dixie Chickens” at Cotton Bowl: 

“Dixie Chickens” at Cotton Bowl

“Ms. Teak” at Starplex: 

“Ms. Teak” at Starplex

“Ms. Teak” at Cotton Bowl: 

“Ms. Teak” at Cotton Bowl

“Who’s That” at Starplex : 

“Who’s That” at Starplex

“Who’s That” at Cotton Bowl: 

“Who’s That” at Cotton Bowl

Assumptions Assumed: 

Assumptions Assumed We assumed that the ticket price will always be a multiple of ten, because the information we were given (survey results for example) would probably not be precise enough to be more exact with ticket price. We also assumed that the surveys stating how many people would buy tickets were correct. The different bands do not draw in different numbers of concertgoers.

Our Final Solution: 

Our Final Solution We determined that the scenario that would make the most profit is “Who’s That” at the Cotton Bowl, with a ticket price of $60. The Profit made is estimated to be $599,000.

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