Practice Problems 1. Suppose that there are three types of people who park at UM: staff, morning students and afternoon students. Staff arrive first, they always find parking available, and they stay all day. The next to arrive are morning students who leave at noon, thus freeing up their parking spaces for afternoon students. Afternoon students arrive at noon. If there is excess demand on the part of morning students, it is rationed by morning students coming to UM earlier than they want to and waiting around for their classes to start. If there is excess demand on the part of the afternoon students it is rationed by their lining up and waiting in the parking lot before noon. Each group has the same demand curve for parking, and it is given by: p= 1000-Q, i= S, M or A, where p is the price of a parking tag, and Q, is the number of tags purchased by each group, and the subscripts S, M, and A represent the staff, morning students and afternoon students, respectively. There are only 1200 parking spaces availabl