At Temple of the Emerald Buddha, Bangkok, on a daily basis, there are two groups of customers: Foreigners and Thais and their groups' demand equations for tickets per day are identified by business economists who work for the Temple as the followings:

qforeigners= 400-5Pforeigners

qthais= 200 - 5Pthais

Given that the daily fixed cost for the Temple is 900 Baht. Daily marginal cost is constant at 10 Baht for serving a foreigner while daily marginal cost is constant at 4 Baht for serving a Thai. 1. Suppose the Temple's current strategy is charging customers same price of 25 Baht for a ticket, how many tickets do the Temple sell per day? and how much profits do the Temple make per day? Show the process on how you get the answers

2. Continuing from (1.) above, explain in words, would there be a better strategy for the Temple? Can the temple implement the strategy? why?

3. Suppose the Temple adopt the strategy discussed in (2.) causing the daily fixed costs to increase by 300 Baht, what would be the ticket prices the Temple should charge customers? How much profit do the Temple make per day? Show the process on how you get the answers