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The residents of the town Marina Del Rey all love economics, and the mayor proposes building an economics museum. The museum has a fixed cost of $ 2,400,000 and no variable costs. There are 100,000 town residents, and each has the same demand for museum visits: QD = 10 – P, where P is the price of admission. a. Graph the museum’s average total cost curve and its marginal cost curve. What kind of market would describe the museum? b. The mayor proposes financing the museum with a lump-sum tax of $ 24 and then opening the museum free to the public. How many times would each person visit? c. The mayor’s anti- tax opponent says the museum should finance itself by charging an admission fee. What is the lowest price the museum can charge without incurring losses? d. What real- world considerations absent in the above problem might argue in favor of an admission fee?
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