02 Jun Question Complete Question Text: 6. The following data reveal how muc
Question
Complete Question Text:
6. The following data reveal how much
each consumer is willing to pay for an
Alaskan cruise:
Amy $ 900 Ed $2,000
Bob $1,100 Gigi $1,300
Carol $1,500 Hugo $1,800
Eduardo $ 400 Isabelle $1,500
(a) Draw the market demand for these eight
consumers on the accompanying graph.
(b) If the cruise costs $1,000, how many
passengers will there be?
(c) If the cruise costs $1,000, how much
total revenue will be collected?
(d) If the cruise costs $1,000, how
much consumer surplus will those
passengers enjoy?
(e) If the cruise ship could perfectly price
discriminate, how much more revenue
could it take in?
8. Suppose the graph on the next page depicts the demand for football tickets at Grand University.
(a) What is total revenue at the price of $24?
(b) If the price drops to $12, how many tickets would consumers purchase?
(c) What is total revenue at that point? $
(d) If the team has a winning streak and the price is still $24, at what point do we end up?
(e) What is total revenue at that point?
10. Use the following data to illustrate the relevant demand curve:
Price $ 1 2 3 4 5 6 7 8 9 10
Quantity 20 18 16 14 12 10 8 6 4 2
(a) If the price increases from $4 to $8, by how much does the quantity demanded decline?
(b) If a successful advertising campaign increases the quantity demanded at every price by 4 units,
(i) Draw the new demand curve D 2 .
(ii) How many units are now purchased at $8?
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