Compi Status Arter analyzing the demand of this local baseball museum, you identify two different demand...

 

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Compi Status Arter analyzing the demand of this local baseball museum, you identify two different demand curves for admission. The first demand curve is for individuals between the ages of 14 and 65 while second is for senior citizens over 65. The two demand curves are: P1 = 9.6-0.08Q1 P2 = 4 -0.05Q2 where: P1 is the price for individuals between the ages of 14 and 65 and P2 is the price for seniors. Q1 is the quantity demanded for individuals between the ages of 14 and 65 and Q2 is the quantity demanded for seniors. After analyzing historical demand at this local baseball museum, you find that there is no crowding problem and thus assume that the marginal cost is zero. What price should the owner of this museum charge to each group to maximize profits? (5 points) How many individuals between the ages of 14 and 65 will visit the museum? How many senior citizens will visit the museum? (5 points) Compi Status Arter analyzing the demand of this local baseball museum, you identify two different demand curves for admission. The first demand curve is for individuals between the ages of 14 and 65 while second is for senior citizens over 65. The two demand curves are: P1 = 9.6-0.08Q1 P2 = 4 -0.05Q2 where: P1 is the price for individuals between the ages of 14 and 65 and P2 is the price for seniors. Q1 is the quantity demanded for individuals between the ages of 14 and 65 and Q2 is the quantity demanded for seniors. After analyzing historical demand at this local baseball museum, you find that there is no crowding problem and thus assume that the marginal cost is zero. What price should the owner of this museum charge to each group to maximize profits? (5 points) How many individuals between the ages of 14 and 65 will visit the museum? How many senior citizens will visit the museum? (5 points)