Bart Wurst Runs the Only Hot-Dog Stand in a Large

question 53

Essay

Bart Wurst runs the only hot-dog stand in a large park in a large boring town.On Sundays people in this town all sit in the park and sunbathe.For any t between 0 and 30, the number of people who are sitting within t minutes of Bart's stand is 10t².People in Bart's town are lazy and hate to walk.They think that every minute of walking they do is as bad as spending $.10.Everybody in the park has a reservation price of $1 for a hot dog, where the cost of a hot dog includes the subjective cost of walking as well as the money price they have to pay when they get there.(Nobody has ever thought of fetching a hot dog for someone else.)Find a formula for the demand curve for Bart's hot dogs.Explain how you got it.

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