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microeconomics The local zoo has hired you to assist them in setting admission prices. The 200's managers recognize that there are two distinct demand curves

microeconomics

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The local zoo has hired you to assist them in setting admission prices. The 200's managers recognize that there are two distinct demand curves for zoo admission. One demand curve applies to those ages 12 to 64, while the other is for children and senior citizens. The two demand curves are: PA = 9.6 - 0.08QA PCS = 4 - 005ch where PA = adult price, Pcs = children's/senior citizens' price, QA = daily quantity of adults, and Q55 = daily quantity of children and senior citizens. Crowding is not a problem at the zoo, so that the managers consider marginal cost to be zero. a} If the zoo decides to price discriminate, what are the prot maximizing price and quantity for adults? What is the total revenue in this sub-market? b} What are the prot maximizing price and quantity for childrenfseniors? What is the total revenue in this sub-market? c) What is the elasticity of demand for adults at the price and quantity calculated? What is the elasticity of demand for childrenfseniors at the price and quantity calculated? (Think about why this may be the case.)

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