Solve and answer 4 ECO 550 Questions. Must be 100% correct.

Question Description

Please view attached file.An amusement park, whose customer set is made up of two markets, adults and children, has developed demand schedules as follows:The marginal operating cost of each unit of quantity is $5. Because marginal cost is a constant, so is average variable cost. Ignore fixed costs. The owners of the amusement part want to maximize profits.Price ($) QuantityAdults Children5 15 206 14 187 13 168 12 149 11 1210 10 1011 9 812 8 613 7 414 6 2Calculate the price, quantity, and profit if: The amusement park charges a different price in the adult marketPlease express your answers for Price and Profit in whole dollars (i.e.10.00)Please use whole numbers for Quanitity (i.e. 10, 27, 4)Price Quantity TotalRevenue MarginalRevenue MarginalCost TotalCost MR-MC ProfitBlank 1 6 84 5 30 3413 Blank 2 91 7 5 35 2 5612 8 96 5 5 40 0 Blank 3Blank 4 9 99 3 5 45 -2 5410 Blank 5 100 1 5 50 -4 509 11 99 -1 5 55 -6 Blank 6Blank 7 12 96 -3 5 60 -8 367 Blank 8 91 -5 5 65 -10 266 14 84 -7 5 70 -12 Blank 95 15 75 -9 5 75 -14 0An amusement park, whose customer set is made up of two markets, adults and children, has developed demand schedules as follows:The marginal operating cost of each unit of quantity is $5. Because marginal cost is a constant, so is average variable cost. Ignore fixed costs. The owners of the amusement part want to maximize profits.Price ($) QuantityAdults Children5 15 206 14 187 13 168 12 149 11 1210 10 1011 9 812 8 613 7 414 6 2Calculate the price, quantity, and profit if: The amusement park charges a different price in the child’s marketPlease express your answers for Price and Profit in whole dollars (i.e.10.00)Please use whole numbers for Quanitity (i.e. 10, 27, 4)Price Quantity TotalRevenue MarginalRevenue MarginalCost TotalCost MR-MC Profit14 2 28 5 10 Blank 113 Blank 2 52 12 5 20 7 32Blank 3 6 72 10 5 30 5 4211 8 88 8 5 40 3 4810 10 100 6 5 50 1 Blank 49 Blank 5 108 4 5 60 -1 48Blank 6 14 112 2 5 70 -3 427 16 112 0 5 80 -5 Blank 76 Blank 8 108 -2 5 90 -7 18Blank 9 20 100 -4 5 100 -9 0An amusement park, whose customer set is made up of two markets, adults and children, has developed demand schedules as follows:The marginal operating cost of each unit of quantity is $5. Because marginal cost is a constant, so is average variable cost. Ignore fixed costs. The owners of the amusement part want to maximize profits.Price ($) QuantityAdults Children5 15 206 14 187 13 168 12 149 11 1210 10 1011 9 812 8 613 7 414 6 2Calculate the price, quantity, and profit if: The amusement park charges the same price in the two markets combinedPlease express your answers for Price and Profit in whole dollars (i.e.10.00)Please use whole numbers for Quanitity (i.e. 10, 27, 4)Price Quantity TotalRevenue MarginalRevenue MarginalCost TotalCost MR-MC Profit14 8 112 5 40 72Blank 1 11 143 10.33 5 55 5.33 8812 Blank 2 168 8.33 5 70 3.33 9811 17 187 6.33 5 85 1.33 Blank 3Blank 4 20 200 4.33 5 100 -0.67 1009 Blank 5 207 2.33 5 115 -2.67 928 26 208 0.33 5 130 -4.67 Blank 6Blank 7 29 203 -1.67 5 145 -6.67 586 Blank 8 192 -3.67 5 160 -8.67 Blank 95 35 175 -7.67 5 190 -12.67 -38Explain the difference in the profit realized under the two situations (the price in each market or in the two markets combined.)Make sure you include the profit with and without price discrimination in your answer.

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