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An amusement park, whose customer set is made up of two markets, adults and children, has developed demand schedules as follows:

The marginal operating cost of each unit of quantity is $5. Because marginal cost is a constant, so is average variable cost. Ignore fixed costs. The owners of the amusement part want to maximize profits.

Price ($)

Quantity

Adults

Children

5

15

20

6

14

18

7

13

16

8

12

14

9

11

12

10

10

10

11

9

8

12

8

6

13

7

4

14

6

2

Calculate the price, quantity, and profit if: The amusement park charges a different price in the adult market

Please express your answers for Price and Profit in whole dollars (i.e.10.00)

Please use whole numbers for Quanitity (i.e. 10, 27, 4)

Price

Quantity

Total Revenue

Marginal Revenue

Marginal Cost

Total Cost

MR-MC

Profit

84

5.00

30.00

54.00

91

7.00

5.00

35.00

2.00

96

5.00

5.00

40.00

0.00

99

3.00

5.00

45.00

-2.00

100

1.00

5.00

50.00

-4.00

99

-1.00

5.00

55.00

-6.00

96

-3.00

5.00

60.00

-8.00

91

-5.00

5.00

65.00

-10.00

84

-7.00

5.00

70.00

-12.00

75

-9.00

Question 5

An amusement park, whose customer set is made up of two markets, adults and children, has developed demand schedules as follows:

The marginal operating cost of each unit of quantity is $5. Because marginal cost is a constant, so is average variable cost.Ignore fixed costs. The owners of the amusement part want to maximize profits.

Price ($)

Quantity

Adults

Children

5

15

20

6

14

18

7

13

16

8

12

14

9

11

12

10

10

10

11

9

8

12

8

6

13

7

4

14

6

2

Calculate the price, quantity, and profit if: The amusement park charges a different price in the child’s market

Please express your answers for Price and Profit in whole dollars (i.e.10.00)

Please use whole numbers for Quanitity (i.e. 10, 27, 4)

Price

Quantity

Total Revenue

Marginal Revenue

Marginal Cost

Total Cost

MR-MC

Profit

52

5.00

20.00

72

10.00

5.00

30.00

5.00

88

8.00

5.00

40.00

3.00

100

6.00

5.00

50.00

1.00

108

4.00

5.00

60.00

-1.00

112

2.00

5.00

70.00

-3.00

112

0.00

5.00

80.00

-5.00

108

-2.00

5.00

90.00

-7.00

100

-4.00

5.00

100.00

-9.00

88

-6.00

5.00

110.00

-11.00

An amusement park, whose customer set is made up of two markets, adults and children, has developed demand schedules as follows:

The marginal operating cost of each unit of quantity is $5. Because marginal cost is a constant, so is average variable cost. Ignore fixed costs. The owners of the amusement part want to maximize profits.

Price ($)

Quantity

Adults

Children

5

15

20

6

14

18

7

13

16

8

12

14

9

11

12

10

10

10

11

9

8

12

8

6

13

7

4

14

6

2

Calculate the price, quantity, and profit if: The amusement park charges the same price in the two markets combined

Please express your answers for Price and Profit in whole dollars (i.e.10.00)

Please use whole numbers for Quanitity (i.e. 10, 27, 4)

Explain the difference in the profit realized under the two situations (the price in each market or in the two markets combined.)

Price

Quantity

Total Revenue

Marginal Revenue

Marginal Cost

Total Cost

MR-MC

Profit

143

30.00

55.00

168

8.33

5.00

70.00

3.33

187

6.33

5.00

85.00

1.33

200

4.33

5.00

100.00

-0.67

207

2.33

5.00

115.00

-2.67

208

0.33

5.00

130.00

-4.67

203

-1.67

5.00

145.00

-6.67

192

-3.67

5.00

160.00

-8.67

175

-5.67

5.00

175.00

-10.67

152

-7.67

5.00

190.00

-12.67

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