Assume that the demand for weekly parking at the Dallas airport during the summer (June-July) is given by Q₁ = 200 – 1/2P, the demand during the rest of the year is given Q₂ = 100 – 1/2P, and total cost is C = 10Q. Assume that the number of parking spots available is 80. Determine the price for weekly parking that maximizes profits given the number of available parking spots.

Answer rating: 100% (QA)

Given the demand functions for summer and the rest of the year and the total cost function along wit... View the full answer