b. Translate this into real-world jargon. What is the "senior citizen discount" ? discount: % c. Ignoring fixed costs, what is Paradise Grille's profit if it price discriminates? profit: $Let's calculate the prot from price discrimination. The average daily demand for dinners at Paradise Grille, an upscale casual restaurant, is as follows: Demand for dinners by senior citizens: P = 50 % X Q and the marginal revenue is MR 2 50 Q. Demand for dinners by others: P = 100 Q and the marginal revenue is MR 2 100 2 X Q. Marginal cost equals $10 in both cases. When appiicabie, round answers to two piaces after the decimair and assume that dinners can be bought and sold in fractions of meais. 3. Calculate the prot-maximizing price for senior citizens and others. Senior's prot maximizing price: 35 I: Other's prot maximizing price: $ |:| d. If it became illegal to discriminate on the basis of age, you would face only one demand curve. Adding up these two demand curves turns out to yield a demand curve P = 67 % x Q and a marginal revenue MR = 67 g X Q. What is the optimal price and quantity when facing the single demand curve? 8. How much prot is earned in the discriminationfree market