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Category > Applied Sciences Posted 29 May 2017 My Price 4.00

The only gas station in a small town sells both regular and premium gasoline

The only gas station in a small town sells both regular and premium gasoline. The weekly demand functions for the two gasolines are

where quantities are measured in gallons and prices in dollars per gallon. Are these products substitutes or complements? If the price of regular gas is $3.00 per gallon, its marginal cost is $2.95, and the marginal cost of premium is $3.05, what is the profit-maximizing price of premium gas?

 

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Alpha Geek
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Status NEW Posted 29 May 2017 10:05 AM My Price 4.00

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file 1496052093-Answer.docx preview (99 words )
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