Please help me with this

M6. [21 points] Consider the market for hot dogs within a hockey arena. Assume fans are not allowed to bring food into the arena, and there is one food seller in the stadium: Fancy Dogs. Guess what, it sells hot dogs. a. [5 points] Would you expect prices of hot dogs inside the stadium to be higher or lower than hot dogs outside the stadium? Explain your reasoning. Be clear about any assumptions you are making. The stadium wants to charge Fancy Dogs for the right to sell hot-dogs during the match. It has the two options below. Option 1: A fixed fee to operate (chosen so that the Fancy Dogs keeps operating). Option 2: $1 per hot dog sold. b. [6 points] As precisely as possible, how does Option 1 affect the price of a hot dog in the arena? Explain your reasoning. Be clear about any assumptions you are making 0. [10 points] As precisely as possible, how does Option 2 affect the price of a hot dog in the arena? Explain your reasoning. Be clear about any assumptions you are making