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Please solve part b and explain your answer and show the equation used. Thank you ! 5.4 Ms. Wong is a fitness trainer providing personal

Please solve part b and explain your answer and show the equation used. Thank you !

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5.4 Ms. Wong is a fitness trainer providing personal fitness training courses to her customers. She can be taken as a monopoly in providing her unique way of training. The following table shows her customers' maximum price willing to pay for each of her weekly one- hour training course in two centers at Tsim Sha Tsui (TST) and Tai Po (TP) respectively. The total rental cost of the centers is constant at $200 for Ms. Wong no matter how many classes she teaches a week, while for each hour of course given, she needs to give up her work as a lifeguard that earns $290 per hour. Assume no other costs for simplicity. Customer Center Maximum Price Willing to Pay($) TST 400 TST 390 TST 380 TST 370 TP 360 TST 350 TP 340 Z3rx- - IQ TMDOWD TP 330 TST 320 TP 310 TP 300 TST 290 TP 280 TP 270 (a) Suppose Ms. Wong charges one single price to all of her customers. What is the profit maximizing price she has to charge? What is the amount of her economic profit? Show your calculation. 8 (b) Suppose Ms. Wong knows that customers who go to different centers are likely to have different maximum price they are willing to pay on average. Therefore, she plans to charge one single price to customers in TST center and another single price to customers in TP center. What is the profit maximizing price for the TST customers and TP customers respectively? Will she serve more customers in total in this case? Can she earn more in total than charging a single price? Show your calculations

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