Question
An amusement park, whose customer set is made up of two markets, adults and children, has developed demand schedules as follows: The marginal operating cost
An amusement park, whose customer set is made up of two markets, adults and children, has developed demand schedules as follows:
The marginal operating cost of each unit of quantity is $5. Because marginal cost is a constant, so is average variable cost.Ignore fixed costs. The owners of the amusement part want to maximize profits.
Price ($)
Quantity
Adults
Children
5
15
20
6
14
18
7
13
16
8
12
14
9
11
12
10
10
10
11
9
8
12
8
6
13
7
4
14
6
2
Calculate the price, quantity, and profit if:The amusement park charges a different price in the adult market
Please express your answers for Price and Profit in whole dollars (i.e.10.00)
Please use whole numbers for Quanitity(i.e. 10, 27, 4)
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