s) You have a bicycle rental business which has 500 adult bikes and 250children's bikes. The bikes have a fixed cost of $1,000 to maintain, but no marginal costto rent them out. Demand is below.Price/hour$109876ANWAGO54321Adults50100150200250300350400450500Children0000050100150200250a. If you, by law, can only charge one price, what would it be, and to whom?b.If you could charge adults and children different prices, what would be theprices to each group?

This can be defined as a cost that shows the type of cost that an individual, business, or any other…

) You have a bicycle rental business which has 500 adult bikes and 250 children's bikes. The bikes have a fixed cost of $1,000 to maintain, but no marginal cost to rent them out. Demand is below. Price/hour $10 98765432 1 Adults 50 100 150 200 250 300 350 400 450 500 Children 0 0 0 0 0 50 100 150 200 250 a. If you, by law, can only charge one price, what would it be, and to whom? b. If you could charge adults and children different prices, what would be the prices to each group?

) You have a bicycle rental business which has 500 adult bikes and 250 children's bikes. The bikes have a fixed cost of $1,000 to maintain, but no marginal cost to rent them out. Demand is below. Price/hour $10 98765432 1 Adults 50 100 150 200 250 300 350 400 450 500 Children 0 0 0 0 0 50 100 150 200 250 a. If you, by law, can only charge one price, what would it be, and to whom? b. If you could charge adults and children different prices, what would be the prices to each group?

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter5: Buying The Necessities

Section5.2: Cloting Choices

Problem 1R

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