aldakkour

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Information about aldakkour
Education

Published on February 19, 2008

Author: smsalgebra

Source: authorstream.com

Who, Where, and How Much?:  Mathematical Modeling with Linear Equations Who, Where, and How Much? “Straight Edge” Jamie Lee Aldakkour, Lizzie Bartkus, and Kaitlyn Smith Problem:  Problem Sam Arteste is booking a concert in Houston, Texas! However, he has reached a dilemma. He doesn’t know which band to book, which stadium to rent, and how much he should sell his tickets to earn the greatest profit. Can we help him out? Slide3:  To make this problem easier for you to understand, we used modern day and real life bands that you could relate to. Ms. Teak- Flo Rida (Low) Who’s That?- The Beatles (All You Need Is Love) Dixie Chickens- Yael Naim (New Soul) Variables:  Variables R=Revenue made V=Variable Cost (Costs that vary as the number of tickets sold varies) C=Total Cost F=Fixed Cost (Costs that do not change regardless of the Circumstances) P=Price N=Number of Tickets Sold M=Unit Rate Equations:  Equations The three fundamental equations used were R=PN, V=MN, and C=V+F. Fixed Costs:  Fixed Costs Variable Costs:  Variable Costs Total Unit Rate (M): 4.5 Sales Demand :  Sales Demand How much would you pay to see your favorite band? Are there confinements, or no limit? Where and how much should you charge to earn your maximum profit? Slide11:  The Cotton Bowl continues to have more tickets sold than The Starplex ‘till the $70 price mark. Slide12:  Sales Demand Model Sales Demand Model:  Sales Demand Model Profit Models:  Profit Models After using the previous equations with the intention of composing all the different combinations of bands and stadiums to prove what we thought was the best choice for you, we found these results. Who’s That? at The Starplex Amphitheater :  Who’s That? at The Starplex Amphitheater Slide16:  Profit Model Who’s That? at The Cotton Bowl:  Who’s That? at The Cotton Bowl Slide18:  Profit Model Ms. Teak at The Starplex Amphitheater:  Ms. Teak at The Starplex Amphitheater Slide20:  Profit Model Ms. Teak at The Cotton Bowl:  Ms. Teak at The Cotton Bowl Slide22:  Profit Model Dixie Chickens at The Starplex Amphitheater:  Dixie Chickens at The Starplex Amphitheater Slide24:  Profit Model Dixie Chickens at The Cotton Bowl:  Dixie Chickens at The Cotton Bowl Slide26:  Profit Model Slide27:  Notice how profits at The Cotton Bowl were consistently higher than the Starplex. If you refer back to previous data tables, you can see that The Cotton Bowl continued to have a greater amount of tickets sold than The Starplex (therefore better profit). So…Who should you choose, at which stadium, and how much should you charge?:  So…Who should you choose, at which stadium, and how much should you charge? Who’s That? at The Cotton Bowl for $60 a ticket!The approximate profit is $599,000.:  Who’s That? at The Cotton Bowl for $60 a ticket! The approximate profit is $599,000.

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