6. Price-discriminating firm Eileen owns a plot of land in the desert that isn't worth much. One day, a giant meteor falls on her property. The event attracts scientists and tourists, and Eileen decides to sell nontransferable admission tickets to the meteor crater to both types of visitors: scientists (Market A) and tourists (Market B). The following graphs show demand (D) curves and marginal revenue (MR) curves for the two markets. Eileen's marginal cost of providing admission tickets is zero. ? ? Market A Market B 10 MR + 1 2 3 4 5 6 7 8 9 QUANTITY (Admission tickets per day) PRICE (Dollars per ticket) 0 0 0₂ 10 10 PRICE (Dollars per ticket) N MR D 0 1 2 3 4 5 6 7 8 9 10 QUANTITY (Admission tickets per day)
6. Price-discriminating firm Eileen owns a plot of land in the desert that isn't worth much. One day, a giant meteor falls on her property. The event attracts scientists and tourists, and Eileen decides to sell nontransferable admission tickets to the meteor crater to both types of visitors: scientists (Market A) and tourists (Market B). The following graphs show demand (D) curves and marginal revenue (MR) curves for the two markets. Eileen's marginal cost of providing admission tickets is zero. ? ? Market A Market B 10 MR + 1 2 3 4 5 6 7 8 9 QUANTITY (Admission tickets per day) PRICE (Dollars per ticket) 0 0 0₂ 10 10 PRICE (Dollars per ticket) N MR D 0 1 2 3 4 5 6 7 8 9 10 QUANTITY (Admission tickets per day)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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6. Price-discriminating firm
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Eileen owns a plot of land in the desert that isn't worth much. One day, a giant meteor falls on her property. The event attracts scientists and tourists,
and Eileen decides to sell nontransferable admission tickets to the meteor crater to both types of visitors: scientists (Market A) and tourists (Market
B). The following graphs show demand (D) curves and marginal revenue (MR) curves for the two markets. Eileen's marginal cost of providing
admission tickets is zero.
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(?
RECOMMENDED FOR YOU
?
Market A
Market B
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10
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Economics
? Help
Give Feedback
A
Type here to search
Homework (Ch 10)
PRICE (Dollars per ticket)
2
0
0
D
A
MR
LA
+
9
1 2 3 4 5 6 7 8
10
QUANTITY (Admission tickets per day)
5:
PRICE (Dollars per ticket)
10
8
0
+
0
MR. D
B
+
1 2 3 34 5 6 7 8 9 10
QUANTITY (Admission tickets per day)
48°F Clear
0
Q Search this course
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x
K :
?
1:31 AM
6/13/2022
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O
N
w
bongo
A+
|||
()"
Transcribed Image Text:N Course: EC 201 Microeconomic P X
MindTap - Cengage Learning X
MindTap - Cengage Learning
Success Confirmation of Question X
+
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с ✰ng.cengage.com/static/nb/ui/evo/index.html?deploymentId=56960519240215212983351261543&eISBN=9781305648173&snapshotld=2941604&id=148882... Q
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6. Price-discriminating firm
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Eileen owns a plot of land in the desert that isn't worth much. One day, a giant meteor falls on her property. The event attracts scientists and tourists,
and Eileen decides to sell nontransferable admission tickets to the meteor crater to both types of visitors: scientists (Market A) and tourists (Market
B). The following graphs show demand (D) curves and marginal revenue (MR) curves for the two markets. Eileen's marginal cost of providing
admission tickets is zero.
Rental Options
College Success Tips
Career Success Tips
(?
RECOMMENDED FOR YOU
?
Market A
Market B
Study Tools
10
Study Tools for Principles of
Economics
? Help
Give Feedback
A
Type here to search
Homework (Ch 10)
PRICE (Dollars per ticket)
2
0
0
D
A
MR
LA
+
9
1 2 3 4 5 6 7 8
10
QUANTITY (Admission tickets per day)
5:
PRICE (Dollars per ticket)
10
8
0
+
0
MR. D
B
+
1 2 3 34 5 6 7 8 9 10
QUANTITY (Admission tickets per day)
48°F Clear
0
Q Search this course
X
x
K :
?
1:31 AM
6/13/2022
A-Z
O
N
w
bongo
A+
|||
()

Transcribed Image Text:N Course: EC 201 Microeconomic P X
MindTap - Cengage Learning X
MindTap - Cengage Learning
Success Confirmation of Question X
+
←
с ✰ng.cengage.com/static/nb/ui/evo/index.html?deploymentId=56960519240215212983351261543&eISBN=9781305648173&snapshotld=2941604&id=148882... Q
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5 6 7 8 9 10
1 2 3
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MIKS B
2 3
QUANTITY (Admission tickets per day)
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5 6 7 8 9 10
QUANTITY (Admission tickets per day)
Catalog and Study Tools
Rental Options
College Success Tips
Suppose that at first, Eileen charges the same price of $4 per admission in both markets so that the total number of admissions demanded is
Career Success Tips
RECOMMENDED FOR YOU
per
Suppose now that Eileen decides to charge a different price in each market. To maximize revenue, Eileen should charge $
admission in Market A and S
per admission in Market B. At these prices, she will sell a total quantity of
admission
tickets per day.
Study Tools
Study Tools for Principles of
Economics
Complete the following table by calculating Eileen's total revenue from selling in both markets under the nondiscriminatory as well as the
discriminatory price policy.
Total Revenue
? Help
Price Policy
Nondiscriminatory
Discriminatory
$
Give Feedback
S
Eileen charges a lower price in the market with a relatively price elasticity of demand.
Grade It Now
Save & Continue
Continue without saving
발
A
Type here to search
Homework (Ch 10)
0 +
0
C
0
48°F Clear
(1
Q Search this course
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x
K :
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1:31 AM
6/13/2022
S
A-Z
O
L
w
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A
()
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