Solved: Suppose that kerasotes crown village theaters cinema is a, Business Management

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Suppose that kerasotes crown village theaters cinema is a

Suppose that Kerasotes Crown Village Theaters Cinema is a local monopoly. It estimated the following demand curves for different groups of customers:

Adults --> P=12-2Q

Children --> P=8-3Q

Students ---> P= 10-4Q

The marginal cost of the cinema is $2 per customer.

(a) What is the marginal revenue in each submarket?

(b) What price should the cinema charge in each of the submarkets if its goal is to maximize profits?

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