# Question 1: Assume you own a movie theater in a small town and you...

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1.
For weekends the inverse demand function is as
P= 15-0.001 Q
TR = P*Q = 15Q – 0.001Q2
MR = 15 – 0.002 Q
TC = 15000+ 2Q
MC = 2
For weekends, the profit maximizing price should be at where MR= MC
15-0.002Q = 2
15-2=0.002Q
Q= 6500
Price should be at P=15-0.001 (6500) = 15-6.5=\$8.5
For weekdays the inverse demand function is as
P = 10-0.001Q
TR= 10Q-0.001Q2
MR = 10-0.002Q
TC =15000+2Q
MC = 2...

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