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7. (10 pts) Consider a market with 3 groups of people, Bobs, Janes, and Franks. Each group has a different demand for outside recreational space.
7. (10 pts) Consider a market with 3 groups of people, Bobs, Janes, and Franks. Each group has a different demand for outside recreational space. The demand for the number of trips in a month for each group is provided below. Suppose the park will only be opened through donations taken from the market participants. D _8_* qBab_ 3 P (line: 4 p D 3 :3 qFrank 2 *P The cost to staff the park is $ 5, regardless of how many visitors show up. Suppose Bob, Jane, and Frank all live in the same area and have the ability to observe when someone is going to the park. In this example, within a free market, how many times per month will the park be opened? Use a graph, analytical solution, and logic to explain your answer. (Hint: Allow partial days opening in the answer)
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