21 Jul WHAT ARE PROFITS AT THIS PRICE?
s performing arts Show more Suppose there are three types of consumers who attend concerts at your universitys performing arts center: students staff and faculty. Each of these groups has a different willingness to pay for tickets; within each group willingness to pay is identical. There is a fixed cost of $1000 to put on a concert but there are essentially no variable costs. For each concert: There are 140 students willing to pay $20. There are 200 staff members willing to pay $35. There are 100 faculty members willing to pay $50. a. If the performing arts center can charge only one price what price should it charge? $ . b. What are profits at this price? $ . c. If the performing arts center can price-discriminate and charge two prices one for students and another for faculty/staff what are its profits? $ . d. If the performing arts center can perfectly price-discriminate and charge students staff and faculty three separate prices what are its profits? $ . Show less
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