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Price discriminate by setting different price

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For simplicity, consider a monopolist with no costs whatsoever, thus profit is revenue, which is just price multiplied by quantity. Demand consists of two groups. There are 14 adults: 10 are willing to pay $30 and 4 are willing to pay $20. There are also 16 children: 6 are willing to pay $20 and 10 willing to pay $10.

a. What is best single (uniform for both, adults and children) price to charge? Hint: Guess and check, and focus on either $10, $20, or $30 as the price.

b. What if monopolist could price discriminate by setting different price for each group? How much should it charge adults and how much should it charge children?

Reference no: EM131759486

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