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9. Is bundling profitable? Suppose that Jake is the owner of the only nommotorized water sports rental shop on a small lake in Vermont. At Jake's shop, customers can rent a variety of items such as canoes, paddle boats, tubes, and windsurfers. Assume that the marginal cost of renting out any of these items is $5 per item. Moreover, there are only two types of customers-college students and retired people-and there are equal numbers of each type of customer. The following table shows the valuations of both customer types for canoes and tubes. Valuation Item College Students Retired People Canoes $25 $30 Tubes $6 $10 If Jake rents out canoes and tubes separately, the best he can do is to charge S for a canoe rental and $ for a tube rental. At these prices, his total profit is |$ from a market consisting of one of each type of customer. Now, suppose that Jake will allow customers only to purchase a rental bundle for canoes and tubes, with no option of renting either item individually. In this case, the bundle price that maximizes his profit is S , which yields a total profit of 5 Given the valuations in the previous table, it * profitable for Jake to bundle his water sport equipment. This is due, in part, to the fact that the valuations of both consumer types are correlated.Now, suppose that Jake will allow customers is not purchase a rental bundle f In this case, the bundle price that maximizes Given the valuations in the previous table, it profitable for Jake to bundle valuations of both consumer types are correlated.Now, suppose that Jake will allow customers only to purchase a rental bur In this case, the bundle price that max negatively ofit is positively Given the valuations in the previous ta rofitable for Jake to b valuations of both consumer types are correlated