An 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 $5. Because marginal cost is a constant, so is average variable cost. Ignore fixed costs. The owners of the amusement part want to maximize profits.
| Price ($) | Quantity | |
| Adults | Children | |
| 5 | 15 | 20 |
| 6 | 14 | 18 |
| 7 | 13 | 16 |
| 8 | 12 | 14 |
| 9 | 11 | 12 |
| 10 | 10 | 10 |
| 11 | 9 | 8 |
| 12 | 8 | 6 |
| 13 | 7 | 4 |
| 14 | 6 | 2 |
Calculate the price, quantity, and profit if: The amusement park charges a different price in the adult market
Please 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)
| Price | Quantity | Total Revenue | Marginal Revenue | Marginal Cost | Total Cost | MR-MC | Profit |
| 84 | 5.00 | 30.00 | 54.00 | ||||
| 91 | 7.00 | 5.00 | 35.00 | 2.00 | |||
| 96 | 5.00 | 5.00 | 40.00 | 0.00 | |||
| 99 | 3.00 | 5.00 | 45.00 | -2.00 | |||
| 100 | 1.00 | 5.00 | 50.00 | -4.00 | |||
| 99 | -1.00 | 5.00 | 55.00 | -6.00 | |||
| 96 | -3.00 | 5.00 | 60.00 | -8.00 | |||
| 91 | -5.00 | 5.00 | 65.00 | -10.00 | |||
| 84 | -7.00 | 5.00 | 70.00 | -12.00 | |||
| 75 | -9.00 |
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