There are 10 people living in a small town. Each person’s demand for rides in amusement park is
P = 5 − .5q, where q is the number of rides that a person demands at price P. There is one amusement park that has fixed cost FC = 50 dollars; marginal cost of a ride per person is zero.

(a) Find and plot on a diagram market demand for the the rides. If amusement park charges single price per ride, what are the profit maximizing price and number of rides? Demonstrate on a diagram. What is the profit of the amusement park?

(b) Now suppose that instead of charging single price the park wants to charge both entry fee and price per ride. What fee and price per ride will maximize park’s profit? Explain shortly how this pricing strategy works. Calculate the profit the park will collect in this case. Use a diagram to demonstrate your answer.

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