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

Various forms of aid a developing country might receive, What are the vario...

What are the various forms of aid a developing country might receive? Here the student must show clearly the difference between grant (donor) aid; reciprocal (tied) aid; bilat

Production possiblities curve, suppose either computers or televisions can ...

suppose either computers or televisions can be assembled with the following labor inputs: units produced: 1 2 3 4 5 6 7 8 9 10 total labor used: 3 7 12 18 25 33 42 54 70 90 Draw th

Production, explain 6 factors that determine volume of production

explain 6 factors that determine volume of production

Consumer Behavior, Monica consumes only goods A and B. Suppose that her mar...

Monica consumes only goods A and B. Suppose that her marginal uility from consuming good A is equal to 1/Qa, and her marginal utility from consuming good B is 1/Qb. If the price of

Chamberline approach, a more simple explanation of the group equilibrium in...

a more simple explanation of the group equilibrium in the short and long run

Mathematical derivation of ordinary demand function, Mathematical Derivatio...

Mathematical Derivation of ordinary demand function: Here we present the mathematical and more general proof of the above result. Consider, again, the initial price income sit

How elasticity is always referred to as a positive value, How elasticity is...

How elasticity is always referred to as a positive value even though it can be negative?  In economics, elasticity is measures of the incremental percentage change in single va

The state of confidence in conventional judgements, The State of Confidence...

The State of Confidence in Conventional Judgements : While individuals fall back on conventions to guide their behaviour in the face of uncertainty, they are also aware that th

What is meant by dumping, What is meant by dumping? Dumping is when a p...

What is meant by dumping? Dumping is when a producing country dumps goods on foreign markets at a price lower than either the price on the home market or below the cost (HL: ma

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