Question

A charity organization had a fundraiser where each ticket was sold for a fixed price of \$70$70dollar sign, 70. They had to sell a few tickets just to cover necessary production costs. After selling 101010 tickets, they were still at a net loss of \$800$800dollar sign, 800 (due to the production costs). Let P(n)P(n)P, left parenthesis, n, right parenthesis denote the net profit from the fundraiser PPP (measured in dollars) as a function of the number of tickets sold nnn. Write the function's formula.

Answer 1

Price of each ticket = $70
The revenue generated from sales of 10 tickets = 70 x 10 = $700

After selling the 10 tickets, organization was still at loss of $800. This means total product cost of tickets = $800 + $700 = $ 1500

Net Profit = Revenue - Cost

Revenue from n tickets will be = 70n
Cost = $1500

So, net profit as a function of number of tickets sold = P(n) = 70n - 1500