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4. (20 marks) Consider a team with a stadium that has a seating capacity of Q > 40 , where Q is measured in thousands

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4. (20 marks) Consider a team with a stadium that has a seating capacity of Q > 40 , where Q is measured in thousands of fans. Demand for tickets is given by P = 100 Q , where P is the per-game price of a ticket and Q is the number of fans attending per game. For simplicity, assume that the marginal cost per fan is constant at 20 and xed costs are 600 (in thousands of dollars) per game. a. (2 marks) Derive the team's inverse marginal revenue function. b. (2 marks) Use part (a) to calculate the team's prot-maximising price, P* , and quantity, Q' , per game

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