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Problem

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Textbook Expert
Textbook ExpertVerified Tutor
19 Nov 2021

Given information

1. A baseball team plays in a stadium that holds 55,000 spectators.

2. With ticket prices at , the average attendance had been 27,000.

3. When ticket prices were lowered to , the average attendance rose to 33,000.

Step-by-step explanation

Step 1.

Let the demand function be defined as the following linear function :

in slope-intercept form.

Therefore we have the following sets of equations from the given information

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