Question

The University of Michigan football stadium, built in 1927, is the largest college stadium in America, with a seating capacity of 111,500 fans. Assume the stadium sells out all six home games before the season begins, and the athletic department collects $93.66 million in ticket sales. Required: 1. What is the average price per season ticket and average price per individual game ticket sold

Answer 1

Answer:

a. $840

b. $140

Explanation:

a. The calculation of the average price per season ticket is shown below:-

Average price per season ticket = Total price of season tickets ÷ Sitting capacity

= $93,660,000 ÷ 111,500

= $840

b. The calculation of average price per individual game ticket sold is shown below:-

Average price per individual game ticket sold = Average price per season ticket ÷ Six home games

= $840 ÷ 6

= $140

Therefore we simply applied the above formula for computing the average price per season ticket and average price per individual game ticket sold.

Answer 2

A. The average price per season ticket is $840

B. The average price per individual game ticket sold is$140

Calculation of the average price

a. The computation of the average price per season ticket is shown beneath:-

When the Average price per season ticket is = Total price of season tickets ÷ Sitting capacity

Then = $93,660,000 ÷ 111,500

Therefore, = $840

b. The computation of the average price per individual game ticket sold is shown downward:-

When the Average price per individual game ticket sold is = Average price per season ticket ÷ Six home games

Then = $840 ÷ 6

Thus, = $140

Therefore, we applied the above formula for computing the average price per season ticket and also the average price per individual game ticket sold.

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