Elucidate at what price will cpt sell admission tickets

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Reference no: EM1358633

Coaster Park Thrills (CPT) is a small roller coaster theme park that sells admission tickets to customers who can then ride all roller coasters for free. Let Q be the number of admission tickets sold each day. Here are the equations for CPT's total cost and marginal cost:

TC = 1,000 + 0.01Q2
MC = 0.02Q

Daily demand for admission tickets can be written as P = 36 - 0.05Q so that MR = 36 - 0.1Q, where P is the price of a ticket and MR is the marginal revenue.

At what price will CPT sell admission tickets to maximize its profit?

Reference no: EM1358633

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