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Question 1: Suppose you are a monopolist of a parking garage that rents parking spots out by the hour. You have 100 spots available to rent. Inverse demand for parking spots is given by p(q) = 64 − 4q. While you could always sell the parking garage to commercial developers, on any given day the marginal cost of renting out a stall is zero. (a)What is your profit function? (b)What is the first order condition corresponding to your profit maximizing problem? (c)What are your profits and what is consumer surplus? You notice someone sitting in their vehicle and staring blankly out the window. Concerned, you ask the person whether he is alright. He responds that he is fine, that he had to run into a store for 5 minutes, but intends to make use of the remaining 55 minute because he paid for the full hour. Comment.
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