Category: Education

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Algebra producing a rock concert project


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Mathematical ModelingProject : 

Mathematical Modeling Project Team: Austin Hahn Mathew Keller Ry Walter

Profit, Revenue, Cost: 

Profit, Revenue, Cost Revenue = price*Number of Tickets Sold or R = p*N (Task 1) Cost = Variable+Fixed or C = V+F (Task 2) Profit = Revenue-Cost or P = R-C (Task 3)

Survey Results Task 5: 

Survey Results Task 5 These are the potential ticket sales at each price based on the survey in task 5. Starplex Cotton Bowl Cost Attendance Cost Attendance $10 20000 $10 25000 $20 18000 $20 24000 $30 17000 $30 22000 $40 16000 $40 19000 $50 14500 $50 16000 $60 13000 $60 14000 $70 10500 $70 10500 Sales Demand Equation Sales demand equation N=-146.4285714p+21428.57143 N=-248.2142857p+28571.42857

Sales Demand Equations(Task 4,5): 

Sales Demand Equations (Task 4,5) We graphed the results of the surveys and found the line of best fit for each arena, and found the equation for each line. Starplex Amphitheater N = -146.4285714*p+21428.57143 Cotton Bowl N = -248.2142857*p+28571.42857

Solution Process: 

Solution Process We now used our formulas to create a table, equation, and graph for all of the possible scenarios. How to find the profit using a table and graph for each scenario. Now using the equations in the table below, we created a table and equation for profit for each scenario. Next we graphed the profit column. The profit will be represented in the area below the curved line on the graph.

Dixie Chickens At Starplex: 

Dixie Chickens At Starplex P=(-146.4285714*(p2)+21428.57143*p)- (-658.9285713*p+299428.5714)

Dixie Chickens at Starplex: 

Dixie Chickens at Starplex

Dixie Chickens at Cotton Bowl: 

Dixie Chickens at Cotton Bowl P=(-248.2142857*(p2)+28571.42857*p)- (-1116.964286*p+128571.4286+218000)

Dixie Chickens at Cotton Bowl: 

Dixie Chickens at Cotton Bowl

Ms. Teak at Starplex: 

Ms. Teak at Starplex P=(-146.4285714(p2)+21428.57143*p)- (-658.9285713*p+286428.5714)

Ms. Teak at Starplex: 

Ms. Teak at Starplex

Ms. Teak at Cotton Bowl: 

Ms. Teak at Cotton Bowl P=(-248.2142857*(p2)+28571.42857*p)- (-1116.964286*p+333,571.4286)

Ms. Teak at Cotton Bowl: 

Ms. Teak at Cotton Bowl

Who’s That? At Starplex: 

Who’s That? At Starplex P=(-146.4285714*(p2)+21428.57143*p)- (-658.9285713*p+259428.5714)

Who’s That? at Starplex: 

Who’s That? at Starplex

Who’s That? at Cotton Bowl: 

Who’s That? at Cotton Bowl P=(-248.2142857*(p2)+28571.42857*p)- (-1116.964286*p+306571.4286)

Who’s That? At Cotton Bowl: 

Who’s That? At Cotton Bowl

Our Final Recommendation: 

Our Final Recommendation Band: Who’s That? (Aging Rock Band) Arena: Cotton Bowl Ticket Price: $60 per ticket Profit: $581,160.71

Why our Recommendation is Correct: 

Why our Recommendation is Correct We examined all of the data tables and found the point at which the profit was the greatest for each scenario (highlighted). After that we found the scenario that had the greatest profit out of all the scenarios which was; Who’s That?, at the Cotton Bowl, charging $60 per ticket.

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