Here is our recommendation for the price of a season pass.
Our school is trying to increase interest in its athletic program. It has decided to sell a season pass that will allow the holder to attend all athletic events at the school. The school surveyed families in the community and asked, “What is the most you would pay for an all-sports season pass?”
We were then assigned the task of analyzing the survey results to determine the maximum price to charge for the season pass. The survey results are shown in the table below as well as our analysis of the data.
Here is our data table.
Here is a sketch of our scatter plot.
Here is our equation model.
y=-6.11x^2 + 1150.00x - 4588.25
This equation represents a quadratic regression analysis of the variables defined below.
x = maximum price of a season pass
Here is our recommendation.
x represents the cost of a season pass, in this case $94.06, which will result in y, the revenue generated from this suggested price, $49,495.36.