The correct answers are given in the question as you can see. I need you to show me the steps and formulas that will give me the answer. I do not want a written explanation of how to answer this, I need you to show me step by step. If you were the one that answered this the last time I posted it, please do not answer this again. Please also make sure the answers you get match up with the answers that are givenTwo-Part Pricing. A golf club has determined that its local community has two broad groups of consumers: casual golfers and s
Two-Part Pricing. A golf club has determined that its local community has two broad groups of consumers: casual golfers and serious golfers. The golf club plans to charge golfers both a monthly membership fee (F) and a price (P) for each round of golf played. The club has estimated the following details for each consumer group, where P represents the price per round of golf and Q represents the number of rounds played each month. There are 30 serious golfers and each serious golfer has a direct demand of Qs (Ps) = 350-2PS. There are 54 casual golfers and each casual golfer has a direct demand of Qc (Pc) = 280-2PC- The marginal cost associated with each round is equal to $20. Ignore fixed costs. Assume that this golf club cannot price discriminate and must charge one price (P) and one membership fee (F). We will now determine whether it is more profitable for the golf club to select its prices based on the preferences of casual golfers or on the preferences of serious golfers. Prices Based on the Preferences of Serious Golfers For the next two parts, assume that the golf club is basing its prices on the preferences of serious golfers. Assume that casual golfers do not participate in the market. Hint: you should not need to set up a profit-maximization problem. Part 1 (4 points): Determine the membership fee (F) that the golf club will use. Membership fee (F): $24025.00. (Enter your answer rounded to two decimal places and use the rounded value in Part 2). Part 2 (4 points): Determine the profits that the golf club will receive. Profits: $720750.00. (Enter your answer rounded to two decimal places).