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Monopoly Rinks is the only ice skating facility in Mapleville. The next closest rink is about 100 miles away. It has determined that its demand curve is
Q = 123 - 0.5P - 0.25 Pc + .01 Y
where Q is the quantity of seasonal passes sold, P is the price for seasonal pass, Pc is average price for concession items, and Y is average per capital income in Mapleville.
The local economists estimated that Y is equal to $12,000 and Monopoly has set Pc at $10. If Monopoly's MC of serving another customer is equal to $1, find out the profit maximizing price for seasonal passes?
A driver wishes to buy gasoline and have her car washed. She finds that the wash costs $3.00 when she buys 19 gallons at $1.00 each, but that if she buys 20 gallons, the car wash is free. Thus the marginal cost of the twentieth gallon of gas is:
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Law of Demand indicates that there is the inverse relationship between price and quantity, why does it matter which particular mix of price and quantity is selected?
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