11. John Motors is the dominant used-car dealer in Macau. After paying $50,000 for overhead, John Motors's cost per car is $500. There are 5 other small used-car lots in this town, but since they are not large enough to purchase cars through the same discount sources as John, each firm faces the cost function c(y) = 5,000+ 700y+5y. The demand for used cars is y(p) = 500 - p/10. Assuming John is aware of his competitors' costs, what price should John set for a used car? [14 marks]