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Information about trivedi
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Published on February 20, 2008

Author: smsalgebra

Source: authorstream.com

Our Advice,Your Concert:  Our Advice, Your Concert Jon Young, Parth Trivedi, Melissa Victory Slide2:  Our Assignment Sam Arteste came to us asking for help on the concert he was trying to plan. He had ideas for where to hold the concert and what band would be performing, but he needed an idea of how much to charge in order to make the most money. After the amount of money he should charge is found, he wanted advice on the arena and the performing band. Slide3:  What Information We Were Given Sam knew the three bands he wanted, one of which would actually be hired and would perform: Who’s That, Dixie Chickens, and Ms. Teak. No matter which band he chose, he wanted them to perform at either the Starplex Arena or the Cotton Bowl. The Starplex Arena had a seating capacity 20,111 seats. The Cotton Bowl’s was 25, 704. Sam already knew the fixed costs that he would have to be paying: the arena rental fee, cost of hiring the band, and also other prices as in advertising and ticket agencies. Slide4:  Sam also knew that there would be variable costs, or ones that would depend on the number of people that attended the concert. Slide5:  Variables: n – number of tickets sold R - revenue Equation: R=20n Revenue Model Assume: $20/ticket Slide6:  Cost Model Variables F – fixed cost V – variable cost m- unit rate Fixed Costs: Band, Arena, and Other Costs Example 1 Mrs. Teak $75,000 Cotton Bowl $75,000 + Other $55,000 Total $205,000 Example 2 Dixie Chickens $88,000 Cotton Bowl $75,000 + Other $55,000 Total $218,000 Example 3 Dixie Chickens $88,000 Starplex $60,000 + Other $55,000 Total $203,000 If 15,000 people came, then $24,000 would go to paying for the security guards. If 12,800 people came, it would cost $20480 dollars would go to hiring security guards. Slide7:  Dixie Chickens at the Cotton Bowl Dixie Chickens at the Starplex Slide8:  Ms. Teak at the Cotton Bowl Ms. Teak at the Cotton Bowl Equations C = V + F C = mn + F Variables: C – total cost V – variable cost F – fixed cost The x axis is for the number of tickets bought. The y axis is for the total cost. The greatest possible cost for having Ms. Teak at the Cotton Bowl is $320,668 if all 25,704 possible people come. C = 4.5n + 205000 Slide9:  Dixie Chickens at the Cotton Bowl Dixie Chickens at the Starplex The x axis is for the number of tickets bought. The y axis is for the total cost. The greatest possible cost for having the Dixie Chickens at the Cotton Bowl is $333,668 if all 25704 possible people buy tickets. The greatest possible cost for having the Dixie Chickens at the Starplex is $293,495 if all 20,110 possible people come. C = 4.5n + 218000 C = 4.5n + 203000 Slide10:  Equations R=20n C=4.5n + 178,000 P= R-C Who’s that at the Cotton Bowl Profit Model Variables R – Revenue C – Total Cost P - Profit Slide11:  The blue in the above graph represents the possible profit area after the breakeven point. Who’s that at the Cotton Bowl Profit Model P=R-C Slide12:  n= - 250p + 27740 Variables: p = ticket price n = number of tickets sold Sales Demand Model Who’s That at the Cotton Bowl Slide13:  2. Yes, the general property of the data table shows that ticket sales drop as the price increases. There is also a point at which ticket sales stop due to loss of interest. 3. According to the model, if tickets were given away as in for free the amount of tickets “sold” would be 27,740. In this way there would be either enough to fill the entire stadium or more. 1. Concert Attendance Depends Upon: Transportation to and from concert Distance to the concert Time to get to the concert For the Cotton Bowl with the Dixie Chickens Slide14:  Sales Demand Information Dixie Chickens at Starplex Amphitheatre $20/ ticket = sellout of 20,111 tickets $70/ ticket = sellout of 128,000 tickets (20, 20,111) & (70, 12,8000) Slope = 20,111 – 128000 = - 146.22 20 - 70 Therefore Y – 128,000 = -146.22( X – 70) Therefore Y = - 146.22X + 23,035.4 To show ticket demand = n = - 146.22X + 23,035.4 Please redirect your attention to ELMO. Slide15:  Revenue with Sales Demand R = pn n = -146.22p + 23035.4 R = -146.22p² + 23,035.4 Variable costs with Sales Demand Model V = mn V = 4.5n V = 4.5(- 146.22p + 23,035.4) V = -657.99p + 103,659.3 Total costs with Sales Demand Model C = V + F C = ( - 657.99P + 103,659.3) + 203,000 C = -657.99P + 306,659.3 Profit with Sales Demand Model p = R – C p = ( - 146.22p² + 23,035.4p) – ( - 657.99p + 306,659.3) p = -146.22p² + 23,693.39p – 306659.3 Please Redirect Your Attention to ELMO Slide16:  Dixie Chickens at the Cotton Bowl Dixie Chickens at the Starplex Slide17:  Ms. Teak at the Cotton Bowl Ms. Teak at the Starplex Slide18:  Who’s That at the Starplex Who’s that at the Cotton Bowl Slide19:  Dixie Chickens at the Starplex Dixie Chickens at the Cotton Bowl Who’s that at the Cotton Bowl Ms. Teak at the Cotton Bowl Who’s That at the Starplex Ms. Teak at the Starplex

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