Data reveal how much each consumer is willing to pay

Assignment Help Microeconomics
Reference no: EM13690292

The following data reveal how much each consumer is willing to pay for an Alaskan cruise: Amy $900 Ed $2,000 Bob $1,100 Gigi $1,300 Carol $1,500 Hugo $1,800 Eduardo $400 Isabelle $1,500 (a) Draw the market demand for these eight consumers on the accompanying graph. (b) If the cruise costs $1,000, how many passengers will there be? (c) If the cruise costs $1,000, how much total revenue will be collected? (d) If the cruise costs $1,000, how much consumer surplus will those passengers enjoy? (e) If the cruise ship could perfectly price discriminate, how much more revenue could it take in?

Reference no: EM13690292

Questions Cloud

Absolute value of the price elasticity of demand for firms : Suppose that the absolute value of the price elasticity of demand for firms A, B, C, and D is 0,0.8,1, and 1.5 respectively. An increase in the price would reduce quantity demanded for
Find the firms marginal rate of technical substitution : Suppose a firm's production function is: q=(K  1/2+L   1/2)  2 and that wage rate is w= $8 and the rental rate is r=$4. Find the firm's marginal rate of technical substitution.
Suppose the graph on the next page depicts the demand : Suppose the graph on the next page depicts the demand for football tic k ets at Grand University.
Data reveal how much each consumer is willing to pay : The following data reveal how much each consumer is willing to pay for an Alaskan cruise: Amy $900 Ed $2,000 Bob $1,100 Gigi $1,300 Carol $1,500 Hugo $1,800 Eduardo $400 Isabelle $1,500
Happen to the equilibrium price and quantity of crude oil : Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 ..
What is the production function for hammers : Suppose college graduate earn$25 an hour and high school graduates earn $15 an hour. Suppose too that the marginal product of college graduate at Jonson Tools is five hammers per hours, while the marginal product of high school graduates is four hamm..

Reviews

Write a Review

Microeconomics Questions & Answers

  Check websites as well how is e-commerce applied in

consider the organization you selected wal-mart. integrate the concepts and operationsmanagement principles that youve

  Determine the average nominal income

If the CPI equaled 1.30 in 1990, 1.69 in 2000, and the nominal income of agricultural workers was $35,000 in 2000, what was the average nominal income of agricultural workers in 1990?

  You observe an olympic athlete in the long-jump suppose the

you observe an olympic athlete in the long-jump. suppose the distance of each jump is a random variable that follows a

  Production possibilities curve suppose that on the basis of

suppose that on the basis of a nations production curve an economy must sacrifice 10000 pizzas domestically to get the

  Explain problems related with using unemployment rate as

discuss problems associated with using unemployment rate as a gauge of labor market conditions. in your answer make

  Daw the production function related with table above note

consider a firm that has the following relationship between labor and output i.e. a production function.nbsp along

  Why is determining the economys location on the curve

What is the Laffer curve, and how does it relate to supply-side economics? Why is determining the economy’s location on the curve so important in assessing tax policy?

  The person credited with the first systematic expression

The person credited with the first systematic expression of the principle of comparative advantage was ( )

  Describe how free market features

A social problem where free markets are not allowed to function and conduct research on the social problem - describe how free market features could be introduced to help alleviate the social problem through free market operations of supply and dema..

  General-equilibrium models and partial-equilibrium models

1. Explain the difference between general-equilibrium models and partial-equilibrium models. How are the numbers of endogenous and exogenous variables related to whether a model is a partial-equilibrium or general-equilibrium model?

  If a firm maximizes profit. it must minimize the cost

If a firm maximizes profit. It must minimize the cost of producing the profit-maximizing output.

  Discuss how you would take present value into account

Consider a long-term debt you currently own (e.g., a mortgage or student loan) and discuss how you would take present value into account when deciding whether you should retire that debt ahead of schedule. Explain your rationale.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd