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Use the following information for the following 5 questions. Assume that there are three types of teams in Major League Baseball: large market, medium market

Use the following information for the following 5 questions.

Assume that there are three types of teams in Major League Baseball: large market, medium market and small market.Each of these types has ten teams for a total of 30 teams.The demand function for each type of team is:

DL:Q = 110 - 2P

DM: Q = 80 - 2P

DS:Q = 70 - 2P

Assume the marginal cost of a national advertisement is $610.

1) What is the price Major League Baseball will pay for each advertisement?

2) What is the number of advertisements Major League Baseball will buy as a league?

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