Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. The city council passes a law prohibiting you from charging different prices to different customers.Now you set a price of $You, the Producerfor all tickets, resulting in SIndicate whether each of the following groups of people is better off, worse off, or the same because of the law prohibiting price discrimination.Group of People Better Off Worse OffUnchangedAdultsOChildrenOOOOOin profit.ppose the fixed cost of the play were $2,500 rather than $2,000.Complete the following sentences indicating how this would change your answers to the previous parts.In the presence of price discrimination, the adult price of a ticket wouldTotal profit wouldand the child price wouldIf price discrimination were banned and the monopolist continued to produce the play no matter what the profit, the price of a ticket wouldand total profit would to S 6. Problems and Applications QbYou live in a town with 300 adults and 200 children, and you are thinking about putting on a play to entertain your neighbors and make some money.A play has a fixed cost of $2,000, but selling an extra ticket has zero marginal cost. Here are the demand schedules for your two types of customers:Price(Dollars)109876543210Adults(Tickets)0100200300300300300300300300300Children(Tickets)00000100200200200200200To maximize profit, you would charge)$7 for an adult's ticket and$4 for a child's ticket. Total profit in this case would be 100

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You live in a town with 300 adults and 200 children, and you are thinking about putting on a play to entertain your neighbors and make some money. A play has a fixed cost of $2,000, but selling an extra ticket has zero marginal cost. Here are the demand schedules for your two types of customers: Price (Dollars) 10 9 B 7 6 5 4 3 2 1 Adults (Tickets) 0 100 200 300 300 300 300 300 300 300 300 Children (Tickets) 0 0 0 0 100 200 200 200 200 200 To maximize profit, you would charge) $7 for an adult's ticket and $4 for a child's ticket. Total profit in this case would be 100

You live in a town with 300 adults and 200 children, and you are thinking about putting on a play to entertain your neighbors and make some money. A play has a fixed cost of $2,000, but selling an extra ticket has zero marginal cost. Here are the demand schedules for your two types of customers: Price (Dollars) 10 9 B 7 6 5 4 3 2 1 Adults (Tickets) 0 100 200 300 300 300 300 300 300 300 300 Children (Tickets) 0 0 0 0 100 200 200 200 200 200 To maximize profit, you would charge) $7 for an adult's ticket and $4 for a child's ticket. Total profit in this case would be 100

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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