Question 5 (20 marks): Ottawa is a town with 300 adults and 200 children, and you are thinking about putting on a concert to entertain your community and make some money. This type of concert has a fixed cost of $2,000, but selling an extra ticket has zero marginal cost. Here are the demand schedules for adults and children in your community: Price Adults 10 0 . 8 200 7 300 _ 6 300 -_ 5 300 4 300 200 3 300 200 a. b. To maximize profit, what price would you charge for an adult ticket? For a child's ticket? How much profit do you make? Explain. (5 marks) The town council passes a law prohibiting you from charging different prices to different customers. What price do you set for a ticket now? How much profit do you make? (5 marks). Hint: Explain with a diagram and/or complete the table. Who is worse off because of the law prohibiting price discrimination? Who is better off? (5 marks). Hint: Quantify the changes in welfare. If the fixed cost of the play was $3,000 rather than $2,000, how would your answers to parts (a), (b), and (c) change