An amusement park, whose customer set is made up of two markets, adults and children, has

An amusement park, whose customer set is made up of two markets, adults and children, has

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 the same price in the two markets combined

 

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
14	8	112		5	40		72
	11	143	10.33	5	55	5.33	88
12		168	8.33	5	70	3.33	98
11	17	187	6.33	5	85	1.33
	20	200	4.33	5	100	-0.67	100
9		207	2.33	5	115	-2.67	92
8	26	208	0.33	5	130	-4.67
	29	203	-1.67	5	145	-6.67	58
6		192	-3.67	5	160	-8.67
5	35	175	-7.67	5	190	-12.67	-38