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Tue 12 Aug, 2008 06:26 am
The cost of the entrance ticket to an amusement park was reduced; as a result, the park experienced a 50% increase in the number of people coming in. At the same time, the profits from ticket sales increased by 20%. By what percentage was the price of the ticket reduced?
hmmm how did you get that answer ? what variables did you use to solve for it ?
T = Tickets Sold
P = Cost per ticket
Z = Percentage of ticket price
1- Z = Percentage decrease in ticket price
TP = Profit (tickets sold x cost per ticket)
(Tickets sold + 50% more tickets sold) X (Percentage X Cost per Ticket) = (Tickets Sold x Cost) +(20% x Tickets Sold x Cost)
(T+ .5T) (ZP)= TP+.2TP
1.5TZP=1.2TP
Solve for Z
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