Seven questions test.this is one of the question i will

1. suppose seven individuals enjoy going to the comedy club. Their demand is as follows.

PersonWillingness to pay 

Allison 20  

Beatrice 18 

 Cally  16  

David  14 

 Ezekiel 12 

 Francesca 10  

Gertrude  8 
Suppose the comedy club had a monopoly and a marginal cost of $7 per entrant. Suppose the club could perfectly price-discriminate. That is, it could charge each customer a different price equal to his or her maximum willingness to pay. How many tickets would the comedy club sell?    

2

The figure below shows the market for one hour of economics tutoring at your college. Imagine that the market for economics tutoring could be perfectly competitive, controlled by a monopolist who charges a single price or a monopolist who charges each customer a different price. Use the information in the diagram to answer the questions below.

2nd attempt

Part 1   (0.3 point)

See HintHow much is total surplus if the market is perfectly competitive?
  $   

Part 2   (0.3 point)

See HintHow much is total surplus if the market is controlled by a single-price monopolist?
  $   

Part 3   (0.3 point)

See HintSuppose the single-price monopolist started charging all customers the maximum price they are willing to pay. How much additional surplus is created?
  $   

3. A diner has no competition when it comes to its famous Reuben sandwich combo plate, for which the graph shows the diner’s demand (D), marginal cost (MC), and marginal revenue (MR) curves. The price of $20 is based on the MR = MC rule for profit maximization. The rectangular region shown represents the net revenue from sales of the sandwich (total revenue from Reuben combo sales minus total variable costs associated with Reuben combo sales).

Now, suppose the diner decides to raise the price during the lunch hour, which accounts for 60% of Reuben combo sales, knowing that its lunch-hour patrons are the most loyal buyers of the Reuben combo and also that they are locked into the lunchtime slot by their work schedules. The diner raises the price just enough not to lose any lunch-hour buyers. Use the area tool to outline the region representing the resulting additional net revenue from the price increase. Your answer should be a rectangle drawn with four corners.

To refer to the graphing tutorial for this question type, please click here.
 

SEE ATTACHMENT SCREENSHOT2017 FOR GRAPH

Part 2   (0.7 point)

See HintAs a result of the revised price structure, the diner’s net revenue from Reuben-combo sales goes from   $   to  $  per day.

4. For a firm that is a price maker for its product, the graph shows the demand (D) and marginal revenue (MR) curves, as well as the marginal cost curve (MC), which is also the average variable cost (AVC) curve.

The graph also shows the net revenue (total revenue from product sales, minus total variable costs) when the profit-maximizing rule MR = MC is applied.

Finally, the graph shows two price points the firm is considering for a price-discrimination plan. If the firm is able to carry out this plan, getting the higher price from all those willing to pay it and the lower price from those who are not, outline the region representing the resulting net revenue. Use the area tool to draw the new net revenue region on top of the old one. Your answer should be drawn with six corners.

To refer to the graphing tutorial for this question type, please click here.

see attachments

The figure below shows the market for one hour of economics tutoring at your college. Imagine that the market for economics tutoring could be perfectly competitive, controlled by a monopolist who charges a single price or a monopolist who charges each customer a different price. Use the information in the diagram to answer the questions below.

2nd attempt

Part 1   (0.3 point)

See HintHow much is total surplus if the market is perfectly competitive?
  $   

Part 2   (0.3 point)

See HintHow much is total surplus if the market is controlled by a single-price monopolist?
  $   

Part 3   (0.3 point)

See HintSuppose the single-price monopolist started charging all customers the maximum price they are willing to pay. How much additional surplus is created?
  $   

Metropolitan Opera tickets are most expensive on Saturday night. Nevertheless, a very limited number of student rush tickets are often available, and a lucky student can wind up paying $20 for a $250 seat. The student rush tickets are available on a first-come, first-serve basis.

2nd attempt

Part 1   (0.3 point)

See HintWhy does the opera company offer these low-priced tickets?

Choose one or more:A. This creates a frenzy for last-minute student tickets.B. It wants students to have access to shows at a low price.C. It is able to sell seats that would otherwise go unsold.D. It knows that all students have an elastic demand for opera tickets. 

Part 2   (0.3 point)

See HintHow does the opera company benefit from this practice?

Choose one or more:A. The Met is able to charge different prices to different groups, raising its profits.B. The Met can increase attendance among a group of people with more elastic demand by charging them a lower price.C. The Met is able to generate revenue from unsold seats without having to drop the price for nonstudents.D. The Met can effectively price-discriminate between students and nonstudents. 

Part 3   (0.3 point)

See HintWhy are students, and not other groups of customers, offered the discounted tickets?

Choose one or more:A. In general, students have a more elastic demand.B. In general, students have a more inelastic demand.C. In general, students are more flexible and willing to buy tickets at the last minute.D. In general, students love opera. 

Get 20% Discount on This Paper
Pages (550 words)
Approximate price: -

Try it now!

Get 20% Discount on This Paper

We'll send you the first draft for approval by at
Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

Do My Homework has assembled a team of highly skilled writers with diverse experience in the online writing circles. Our aim is to become a one stop shop for all your Academic/ online writing. Check out below our amazing service!

Essays

Essay Writing Services

At Do My Homework, we prioritize on all aspects that creates a good grade such as impeccable grammar, proper structure, zero-plagiarism, and conformance to guidelines. The principal purpose of essay writing is to present the author's evaluation concerning a singular subject about which they have made. Since Professionalism is the mother of every success, try our team of experienced writers in helping you complete your essays and other assignments.

Admissions

Admission Papers

You have been trying to join that prestigious institution you long yearned for, but the hurdle of an admission essay has become a stumbling block. We have your back, with our proven team that has gained invaluable experience over time, your chance of joining that institution is now! Just let us work on that essay.How do you write an admission essay? How do you begin the essay? For answers, try Quality Custom Writers Now!

Editing

Editing and Proofreading

Regardless of whether you're pleased with your composing abilities, it's never an impractical notion to have a second eye go through your work. The best editing services leaves no mistake untouched. We recognize the stuff needed to polish up a writing; as a component of our editing and proofreading, we'll change and refine your write up to guarantee it's amazing, and blunder free. Our group of expert editors will examine your work, giving an impeccable touch of English while ensuring your punctuation and sentence structures are top-notch.

Coursework

Technical papers

We pride ourselves in having a team of clinical writers. The stringent and rigorous vetting process ensures that only the best persons for job. We hire qualified PhD and MA writers only. We equally offer our team of writers bonuses and incentives to motivate their working spirit in terms of delivering original, unique, and informative content. They are our resources drawn from diverse fields. Therefore your technical paper is in the right hands. Every paper is assessed and only the writers with the technical know-how in that field get to work on it.

Coursework

College Essay Writing

If all along you have been looking for a trustworthy college essay service provider that provides superb academic papers at reasonable prices, then be glad that you search has ended with us. We are your best choice! Get high-quality college essay writing from our magnificent team of knowledgeable and dedicated writers right now!

Coursework

Quality Assignment/Homework Help

We give the students premium quality assignments, without alarming them with plagiarism and referencing issues. We ensure that the assignments stick to the rules given by the tutors. We are specific about the deadlines you give us. We assure you that you will get your papers well in advance, knowing that you will review and return it if there are any changes, which should be incorporated.