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Elasticities for both consumers in the previous problem

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Consider a monopoly art museum that has two representative consumers with the demands P = 16 - Q (for Consumer A) and P = 10 - Q (for Consumer B). The museum's marginal cost is $2 per visit. If the museum practices third degree (group) price discrimination, what will be the prices charged to each consumer type?

Calculate the elasticities for both consumers in the previous problem at the prices and quantities you already found. What is Consumer A's price elasticity and is he more or less elastic than Consumer B?

Reference no: EM132235445

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