Miron Floren, of Lawrence Welk Show fame, now tours the country performing at accordion concerts. A careful analysis of demand for tickets to Mr. Floren’s concerts reveals a strange segmentation in the market. Demand for tickets by senior citizens is described by Q0 = 500P−3/2 while demand by those under 65 years old is Qy = 50P−5. If the marginal cost of a ticket is $3, how should tickets to Mr. Floren’s concerts be priced to maximize profits?
a. $15 for senior citizens and $4.50 for those younger
b. $4.33 for all tickets
c. $9 for senior citizens and $3.75 for those younger
d. $3 for senior citizens and $10 for those younger e. $6 for senior citizens and $12 for those younger
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