Final answer:
Selena's function is related to mathematical applications in the context of economics, particularly in understanding the relation between ticket sales and audience capacity in a concert hall, while taking into account elastic and inelastic demand.
Step-by-step explanation:
When Selena models the time it takes to fill a concert hall as a function of the number of people attending a show, she's tackling a problem of mathematical modeling which is used to represent situations in real life using mathematical expressions and functions.
If the demand for tickets is elastic, the number of people willing to buy tickets increases significantly when prices are lowered. Conversely, if the demand is inelastic, ticket prices can be raised without significantly reducing the number of tickets sold.
Furthermore, the size of the venue and associated costs can influence the band’s ticket pricing strategy. If a concert is sold out, this signifies that the number of attendees has reached the hall's maximum capacity, which is an important factor in the model.
Imagine a scenario where the band reduces ticket prices to sell out a 15,000-seat arena. If demand stays elastic, they may consider shifting to a larger venue to sell more tickets by further price reduction.
However, complications such as the scarcity of larger venues or increased costs might prevent this move.
On the other hand, some bands with inelastic demand for their tickets hold the power to increase prices without losing their audience until the venue reaches full capacity.