Market A Market B 10 MR MR. D. 0 1 2 3 QUANTITY (Admission tickets per dav) 4 5 6 7 8 9 10 1 2 3 4 5 6 8 10 QUANTITY (Admission tickets per dav) Suppose that at first, Eric charges the same price of $4 per admission in both markets so that the total number of admissions demanded is Suppose now that Eric decides to charge a different price in each market. To maximize revenue, Eric should charge $ per admission in Market A and S per admission in Market B. At these prices, he will sell a total quantity of admission tickets per day. Complete the following table by calculating Eric's total revenue from selling in both markets under the nondiscriminatory as well as the discriminatory price policy. Price Policy Total Revenue Nondiscriminatory Discriminatory PRICE (Dollars per ticket) PRICE (Dollars per ticket)

Market A Market B 10 MR MR. D. 0 1 2 3 QUANTITY (Admission tickets per dav) 4 5 6 7 8 9 10 1 2 3 4 5 6 8 10 QUANTITY (Admission tickets per dav) Suppose that at first, Eric charges the same price of $4 per admission in both markets so that the total number of admissions demanded is Suppose now that Eric decides to charge a different price in each market. To maximize revenue, Eric should charge $ per admission in Market A and S per admission in Market B. At these prices, he will sell a total quantity of admission tickets per day. Complete the following table by calculating Eric's total revenue from selling in both markets under the nondiscriminatory as well as the discriminatory price policy. Price Policy Total Revenue Nondiscriminatory Discriminatory PRICE (Dollars per ticket) PRICE (Dollars per ticket)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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