Using Solver

[needhelpplease]

I want to use Solver to solve the following problem, but I can’t work
out how and its driving me crazy.

I have to organise a prize giving dinner so I know I need to work out
my expenses and make sure I cover those.

I have to break even with 200 ticket sales, but I can sell a maximum
of 300 tickets.

Non members pay full ticket price and member pay 75% of the ticket
price.

Can someone explain to me how I can set the ticket price using solver?

Thank you.

LJK

 

[mvk]

You need to create a structure like the one below. Then using solver you
set the target cell to the one with the total revenue (1625), you need to
make it equal to the breakeven amount (5000) in this case, and by changing
cells to the price (in this case 10). You will need to make an assumption
on the number of member and non-member tickets that you will sell.

The answer in this case will be 30.77



Price 10
Breakeven revenue 5000



Income per ticket Tickets sold Revenue
Members 75% 7.5 150 1125
Non members 100% 10 50 500
Totals 200 1625


MVK
www.tejniya.co.uk

 

[Dana DeLouis]

The answer in this case will be 30.77

If you wish, with 150 members(Mem), and a Break Even (BE) of 5,000, then
perhaps the equation is:


BE=5000
Mem=150

?(4*BE)/(800-Mem)
30.7692307692308

Probably the best solution is to not let any members in, and charge the
full ticket price for non-members. Unless the op has another constraint
in mind.... :>)

- -
HTH
Dana DeLouis