Gaana bajaao" is an online retailer of music. This retailer has the following data for the 5 potential customers regarding how much they are willing to pay for each of the five songs. a. If the retailer has to charge a single price for all these 5 songs, what should that price be in order to maximize the revenues? [3] b. If the retailer resorts to a two part tariff where he can charge a fixed price and a variable price per song, how much additional revenue can he gain as compared to the single price policy? c. Why is the optimal revenue in the two part tariff greater than that in the single pricing policy? Justify in not more than 40 words. [1] Persor Song A Song B Song C Song D Song E 1 $2.10 S0.31 $1.12 $1.85 S0.57 2 $1.22 $1.71 S2.23 S0.56 $0.30 3 $1.12 $1.12 $2.23 $1.67 $1.32 4 S0.31 $1.85 $1.12 S0.84 S2.23 5 $1.71 $0.56 $1.76 $2.35 $0.99 Gaana bajaao" is an online retailer of music. This retailer has the following data for the 5 potential customers regarding how much they are willing to pay for each of the five songs. a. If the retailer has to charge a single price for all these 5 songs, what should that price be in order to maximize the revenues? [3] b. If the retailer resorts to a two part tariff where he can charge a fixed price and a variable price per song, how much additional revenue can he gain as compared to the single price policy? c. Why is the optimal revenue in the two part tariff greater than that in the single pricing policy? Justify in not more than 40 words. [1] Persor Song A Song B Song C Song D Song E 1 $2.10 S0.31 $1.12 $1.85 S0.57 2 $1.22 $1.71 S2.23 S0.56 $0.30 3 $1.12 $1.12 $2.23 $1.67 $1.32 4 S0.31 $1.85 $1.12 S0.84 S2.23 5 $1.71 $0.56 $1.76 $2.35 $0.99