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Problem 2: The Yogi Bear Outdoors, Inc., is a regional provider campsites in a large state park. An analysis of the monthly demand for camping sites...
Problem 2:
The Yogi Bear Outdoors, Inc., is a regional provider campsites in a large state park. An analysis of the monthly demand for camping sites revealed the following demand relation:
where Q is quantity measured by the number of campsite days rented per month, P is price ($) of the sites, POG is a regional price index for other consumer goods (1967 = 1.00), I is the per capita income of state residents (in thousands of dollars), and S, a binary or dummy variable, that equals 1 in summer months and 0 otherwise.
a. Determine the ordinary and inverse demand curves facing Yogi Bear Outdoors during the winter month of January if POG = 4 and I = 25.
b. Determine the ordinary and inverse demand curves facing Yogi Bear Outdoors during the summer month of July if all other price-related and business activity variables are as specified previously in part a.
