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Suppose that Squaw Valley knows that it faces the following demand equations and corresponding marginal revenue equations for ski lift tickets:
Weekend Demand:
P = 160-1.5Q
Weekday Demand:
P = 100-Q
Marginal Cost is a constant $10 per lift ticket.
a) Find the profit-maximizing quantity of lift tickets for each separate consumer group. Find the profit-maximizing price for each.
b) Calculate total profit received from each separate consumer group.
c) Draw two separate graphs for weekend demand and weekday demand. In your graph include a marginal revenue curve and marginal cost curve. Show the profit maximizing price and output for each graph.
d) What would happen if Squaw Valley charged $70 every day of the week. Would this maximize profits? Why or why not?
Give a formula for the probability law of the numerical valued random phenomenon described.
Formulate a linear programming model that can be used to determine the number of units each model that should be produced in order to maximize the total contribution to profit
1. Describe this situation, commenting on what the salesperson did correctly and incorrectly.
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