Scenario 16-3
Peter operates an ice cream shop in the center of Fairfield. He sells several unusual flavors of organic, homemade ice cream so he has a monopoly over his own ice cream, though he competes with many other firms selling ice cream in Fairfield for the same customers. Peter's demand and cost values for sales per day are given in the table below. (Everyone who purchases Peter's ice cream buys a double scoop cone because it's so delicious.) 
-Refer to Scenario 16-3. What price should Peter charge to maximize his profits?
Definitions:
Market Interest Rate
The prevailing rate of interest determined by supply and demand in the money market that borrowers must pay to obtain funds.
Recognized Gain
The profit realized from the sale of an asset, calculated by subtracting the asset's cost from its selling price and officially recorded in financial statements.
Boot
Additional value or cash that is exchanged in a transaction to even out a trade or sale.
Book Value
The net value of an asset or a company calculated by total assets minus liabilities and intangible assets such as goodwill.
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