August 2011
Intermediate to advanced
500 pages
17h 16m
English
Content preview from Sports Finance and Management
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372 ◾ Sports Finance and Management
Appendix 1
In this section we illustrate pricing that maximizes revenue. In general, rms maxi-
mize the following prot function:
π=QP(Q)–C(Q)
where π is the prot, Q is the quantity sold, P is the price of the product, which is
a function of the quantity sold and C is the cost function, which is also a function
of the quantity sold. QP(Q) represents the total revenue and C(Q) represents the
total cost. Using calculus, we can nd that rm’s maximize prot when marginal
revenues equal marginal cost:
MR=QP′(Q)+P(Q)=C′(Q)
where P′(Q) is the change in price when quantity increases, or the slope of
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