Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Economics Posted 27 Jun 2018 My Price 6.00

tariff scheme

 In a two-part tariff scheme, 

 

 x1: P = 7 - 0.25q1,

 

 x2: P = 5.5 - 0.25q2 

 

 Assume it costs the park flat ¢25 per guest to operate a single ride, and it costs the park flat ¢75 to issue a single ticket to a ride.

 

what would be the gate entry fee for x1? 

 

I thought entry fee is $72 because marginal cost is 1$ (=0.25 + 0.75), so

 

1 = 7 - 0.25*q1

q1 = 24

 

so entry fee is (7-1)*24 /2 = 72$.

 

But it is wrong answer. why?

Answers

Maurice Tutor
(5)
Status NEW Posted 27 Jun 2018 09:06 PM My Price 6.00

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