Reference no: EM13898084
Question 11 refer to the scenario that follows. An amusement park, whose customer set is made up of two markets, adult and children, has developed demand schedules as follows:
Price ($)
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Quantity, Adults
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Quantity, Children
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5
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15
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20
|
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6
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14
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18
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|
7
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13
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16
|
|
8
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12
|
14
|
|
9
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11
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12
|
|
10
|
10
|
10
|
|
11
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9
|
8
|
|
12
|
8
|
6
|
|
13
|
7
|
4
|
|
14
|
6
|
2
|
The marginal operating cost of each unit of quantity is $5. (Hint: Because marginal cost is a constant, so is average variable cost. Ignore fixed cost.) The owners of the amusement park want to maximize profits.
Calculate the price, quantity, and profit for each segment if the amusement park charges a different price in each market. (Hint: calculate profit at each price in the adult market, then in the child market, and choose profit maximizing in each. Using a spreadsheet would make this task manageable.)
Adult market price (in dollars): [a]
Adult market quantity: [b]
Adult market profit (in dollars): [c]
Child market price (in dollars): [d]
Child market quantity: [e]
Child market profit (in dollars): [f]
Total profit (adult + child, in dollars): [g]
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