Please solve all parts asap... I vll definitely give positive feedback and thumbs-up also... You live in a town with 300 adults and 200children, and you are thinking about puttingon a play to entertain your neighbors andmake some money. A play has a fixed cost of$2000, but selling an extra ticket has zeromarginal cost. Here are the demandschedules for your two types of customers:Price ($)109876543210Adults (tickets)0100200300300300300300300300300Children(tickets)00000100200200200200200a) To maximize profit, what price would youcharge for an adult ticket? For a child's ticket?How much profit do you make?b) The city council has passed a lawprohibiting you from charging different pricesto different customers. What price do you setfor a ticket now? How much profit do youmake?c) Who is worse off because of the lawprohibiting price discrimination? Who isbetter off? Quantify the change in welfare ifpossible.d) If the fixed cost of the play were $2500rather than $2000, how would your answersto part (a), (b) and (c) change?

Fixed costs are costs that don't change when sales or production volumes rise or diminish. This is…

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 $2000, but selling an extra ticket has zero marginal cost. Here are the demand schedules for your two types of customers: Price ($) 10 9 8 7 6 Adults (tickets) 0 100 200 300 300 Children (tickets) 0 0 0 0 0

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 $2000, but selling an extra ticket has zero marginal cost. Here are the demand schedules for your two types of customers: Price ($) 10 9 8 7 6 Adults (tickets) 0 100 200 300 300 Children (tickets) 0 0 0 0 0

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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