Compute the price of the Lagrange multiplier
You are organizing a rock reside efficiency to be taught Amnesty Worldwide. The reside efficiency is to be held in a soccer stadium that has a seating functionality of 56,000. There are two kinds of seating: reserved and fundamental. Demand for these seats is estimated as:
PR = 100-.00125 QR and PG = 60-.00125 QG
The place PR and PG denote ticket prices for reserved and fundamental seating and QR and QG are the number of these seats
All artists and help employees are donating their time nonetheless there is a mounted worth of $100,000.
a) Using the technique of the Lagrange multiplier compute the prices that you will price to so that the income is maximized and on the similar time the stadium shall be crammed to functionality.
Compute the number of each sort of tickets supplied, along with the following income stage.
b) Compute the price of the Lagrange multiplier. Describe its monetary significance on this case.