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Question;Complete Question Text:6. The following data reveal how mucheach consumer is willing to pay for anAlaskan cruise:Amy $ 900 Ed $2,000Bob $1,100 Gigi $1,300Carol $1,500 Hugo $1,800Eduardo $ 400 Isabelle $1,500(a) Draw the market demand for these eightconsumers on the accompanying graph.(b) If the cruise costs $1,000, how manypassengers will there be?(c) If the cruise costs $1,000, how muchtotal revenue will be collected?(d) If the cruise costs $1,000, howmuch consumer surplus will thosepassengers enjoy?(e) If the cruise ship could perfectly pricediscriminate, how much more revenuecould it take in?8. Suppose the graph on the next page depicts the demand for football tickets at Grand University.(a) What is total revenue at the price of $24?(b) If the price drops to $12, how many tickets would consumers purchase?(c) What is total revenue at that point? $(d) If the team has a winning streak and the price is still $24, at what point do we end up?(e) What is total revenue at that point?10. Use the following data to illustrate the relevant demand curve:Price $ 1 2 3 4 5 6 7 8 9 10Quantity 20 18 16 14 12 10 8 6 4 2(a) If the price increases from $4 to $8, by how much does the quantity demanded decline?(b) If a successful advertising campaign increases the quantity demanded at every price by 4 units,(i) Draw the new demand curve D 2.(ii) How many units are now purchased at $8?

 

Paper#56503 | Written in 18-Jul-2015

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