The demand curve, Microeconomics

Assignment Help:

The owner of the sole stage-theatre in the city of Vordervilla has found through   experience that the cost of running his 600-seat theatre remains virtually the same irrespective of whether there is a 'full house' or not. 

The owner wishes to maximise his profits and has estimated that the demand curve of adults for the theatre can be represented by the function QA = 1000 - 50P, whereas the demand curve of children is given by QC = 600 - 50P.

Assume that the owner chooses not to price discrimination and must therefore sell all tickets at the same single price.  What will that price be per ticket?  What will be the ratio of adults to children attending the theatre?  

 

 


Related Discussions:- The demand curve

Market supply and increase in supply, Market supply and Increase in supply:...

Market supply and Increase in supply: Market supply is the total quantity of a product that all firms in an industry are willing to offer for sale at a given market price an

Name the five types of capital, Name the five types of capital. The fiv...

Name the five types of capital. The five types of capital are:  natural capital, manufactured capital, human capital, social capital and financial capital.

Total Product, Why total product continues to increase despite a decrease i...

Why total product continues to increase despite a decrease in the marginal product?

Theory of consumer surplus, THEORY OF CONSUMER SURPLUS: We discuss the...

THEORY OF CONSUMER SURPLUS: We discuss the basic concept of consumer surplus and its derivation. A consumer normally pays less for a commodity than the maximum amount that she

Stoichiometry , Mg(OH)2 + 2HCl-----> MgCl2 +2H2O how many grams of magnesiu...

Mg(OH)2 + 2HCl-----> MgCl2 +2H2O how many grams of magnesium chloride can be produced from 14.60mL of a 0.546M hydrogen chloride solution?

ENVIRONMENTAL POLLUTION , Environmental pollution may be eloborate as the c...

Environmental pollution may be eloborate as the contamination of the environment, with harmful wastes arising mainly from human activities. All these activities release certain m

Tax policy implementation, Tax Policy Implementation:   Take, e.g., the...

Tax Policy Implementation:   Take, e.g., the case of tax policy. It attempted to raise resources by a combination of direct and indirect taxes to finance a large part of increa

Define migration in microeconomics, Q. Define Migration in Microeconomics? ...

Q. Define Migration in Microeconomics? Migration:It's the movement of human beings from one country or region to another. Sometimes migration is motivated by economic factors (

What is economics, What is Economics?  Economics is explained as the s...

What is Economics?  Economics is explained as the study of how people choose to use their scarce resources in an attempt to satisfy their unlimited wants. In other words, we h

Write Your Message!

Captcha
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