Refer to the figure below to answer questions number 21 and 22. Suppose the graphs represent the demand for use of a local golf course for which there is no significant competition (it has a local monopoly); P denotes the price of a round of golf; Q is the quantity of rounds "sold" each day. The left graph represents the demand during weekdays, and the right graph the weekend demand. $10 $9 $9 $7 MCHATC $4 MCHATC Dwe MR Dwo 350 Q \MRWE O 100120 100 200 200 Q 21. This profit-maximizing golf course should: A. charge $9 for each round, regardless of the day of the week. B. charge $7 for each round, regardless of the day of the week. C. charge $7 for each round on weekdays, and $10 during the weekend. D. charge $9 for each round on weekdays, and $10 during the weekend. 22. This profit-maximizing golf course will earn how much economic profit over the course of a full seven-day week? A. $4,200 B. $1,200 C. $3,400 D. $2,700

Refer to the figure below to answer questions number 21 and 22. Suppose the graphs represent the demand for use of a local golf course for which there is no significant competition (it has a local monopoly); P denotes the price of a round of golf; Q is the quantity of rounds "sold" each day. The left graph represents the demand during weekdays, and the right graph the weekend demand. $10 $9 $9 $7 MCHATC $4 MCHATC Dwe MR Dwo 350 Q \MRWE O 100120 100 200 200 Q 21. This profit-maximizing golf course should: A. charge $9 for each round, regardless of the day of the week. B. charge $7 for each round, regardless of the day of the week. C. charge $7 for each round on weekdays, and $10 during the weekend. D. charge $9 for each round on weekdays, and $10 during the weekend. 22. This profit-maximizing golf course will earn how much economic profit over the course of a full seven-day week? A. $4,200 B. $1,200 C. $3,400 D. $2,700

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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