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Theme park called universal studios indiana

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Reference no: EM132130754

Could you please help me to solve the following economics question?

"Universal Studios has decided to open a new theme park called Universal Studios Indiana. It will feature the usual attractions other Universal Studios theme parks have. Universal Studio's economists have estimated that the park will attract 100,000 people per day, and each person will take q = 50 - 50P rides, where P is the price per ride. Everyone who visits Midwest Disney is the "same" person and the marginal cost of each ride is essentially zero (so, treat MC ride=0).

Suppose that Universal Studios decided to charge an entry fee. Universal Studios could still charge for rides after the entry fee, but not necessarily. What is Universal Studio's profit maximizing entry fee and price per ride? How many rides does each visitor take? What is the profit per visitor (ignore fixed costs)?"

Reference no: EM132130754

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