In 2005 the Las Vegas monorail charged $3per ride and had an average ridership of about 28,000 per day. In December 2005 the Las Vegas Monorail Company raised the fare to $5 per ride, and average ridership in 2006 plunged to around 19,00 per day.Use the given information to find a linear demand equation.Find the price the company should have charged to maximize revenue from ridership. What is the corresponding daily revenue?The Las Vegas Monorail Company would have needed 44.9 million in revenues from ridership to break even in 2006. Would it have been possible to break even in 2006 by charging a suitable price?

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Description: In 2005 the Las Vegas monorail charged $3per ride and had an average ridership of about 28,000 per day. In December 2005 the Las Vegas Monorail Company raised the fare to $5 per ride, and average ridership in 2006 plunged to around 19,00 per day.Use

Given that in 2005, charge per ride is $3 and average ridership of about 28,000 per day in 2005.In…

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College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter7: Systems Of Equations And Inequalities

Section7.1: Systems Of Linear Equations: Two Variables

Problem 2SE: If you are performing a break-even analysis for a business and their cost and revenue equations are...

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In 2005 the Las Vegas monorail charged $3per ride and had an average ridership of about 28,000 per day. In December 2005 the Las Vegas Monorail Company raised the fare to $5 per ride, and average ridership in 2006 plunged to around 19,00 per day.

Use the given information to find a linear demand equation.
Find the price the company should have charged to maximize revenue from ridership. What is the corresponding daily revenue?
The Las Vegas Monorail Company would have needed 44.9 million in revenues from ridership to break even in 2006. Would it have been possible to break even in 2006 by charging a suitable price?

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