that; mated of limiting medallions, the commission charges a license fee to anyone wishing to drive a mavetagep'ice ofP - 515 what IS the maximum fee the commission could charge? How many taxis ' ' the market? the commission seeks to set the average price P to maximize total prot in the taxi industry. (It plans to oenae fee to not all this prot away for itself.) Find the prot-maximizing price, number of trips, and num- taxis. How much profit does the industry cam? (Hint: Solve by applying MR = MC. In finding MC, think . . the extra cost of adding fully occupied taxis and express this on a cost-pertrip basis.)