64%(173)110 out of 173 people found this document helpful
This preview shows page 1 - 3 out of 4 pages.
The preview shows page 2 - 3 out of 4 pages.
Question 60 out of 30 pointsAn amusement park, whose customer set is made up of two markets,adults and children, has developed demand schedules as follows:The marginal operating cost of each unit of quantity is $5. Becausemarginal cost is a constant, so is average variable cost. Ignore fixedcosts. The owners of the amusement part want to maximize profits.Price ($)QuantityAdultsChildren51520614187131681214911121010101198128613741462Calculate the price, quantity, and profit if: The amusement parkcharges the same price in the two markets combinedPlease express your answers for Price and Profit in whole dollars(i.e.10.00)Please use whole numbers for Quanitity (i.e. 10, 27, 4)PriceQuantityTotalMarginalMarginalTotalMR-MCProfit